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I have noticed, though, that a few of my vendors (util companies primarily) are receiving my check then executing a direct transfer from my account to theirs without ever cashing the check. There's not necessarily anything wrong with that but it does mean that the amount of the check will be withdrawn the same business day the check arrives - no more 3-5 day lag.
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The lag is gone. Under the new banking laws, whether they cash the check or just use the account number to make an electronic transaction,the money moves overnight.
I noticed it when I deposited a check for $18k from a bank in Rhode Island and the money was in my account the next day.
I questioned the bank and they said all transactions are logged throughout the day and all the money moves at midnight, they don't wait for the paper to arrive. I don't know what happens across time zones.
