Your checks don't clear as quickly as you think

The Boston Globe reports:

Some bank consumers, assuming checks are being processed faster in the electronic age, are surprised when some of them hit speed bumps after being deposited.

It took 12 days before Bank of America cleared a $7,000 check Judi F. Babcock had written to her son, even though she says the money was removed from her account at Fidelity Investments two days after she wrote it. Her son narrowly avoided bouncing a series of checks for college expenses.

''This makes no sense to me," said Babcock, a Bedford resident. ''I don't understand how Bank of America justifies this now that checks are clearing faster than ever."

You thought bank float went away,guess again.