In 2010, does "check float" appreciably differ between huge urban banks and small rural banks?

[bordelond]

Long-time Straight Dope fans may remember this 1989 column: Why are rebate checks drawn on obscure banks in the middle of nowhere? Cecil’s answer at the time was the following:

Here’s what happens. Let’s suppose a large Chicago company–the Flurgg Corporation–owes you some money. They mail you a check drawn on a bank in, oh, Lake Henrietta, Minnesota. As soon as you receive it you rush down to your local bank to get the 25 cents, so you can invest it in 30-day CDs. Your bank sends the check to the Chicago branch of the Federal Reserve, which sends it to the Fed’s Minneapolis branch, which sends it to Lake Henrietta for payment.

Since Lake Henrietta is so out of it that most deliveries are probably handled by yak, this process takes a couple days. But finally the check arrives. Lo and behold, there is no money in the Flurgg Corporation’s account. Not to worry. At a prearranged time, the Lake Henrietta bank tells Flurgg how much it needs to cover all the Flurgg checks that have arrived that day for payment. Flurgg promptly wires the money. The net result: you’ve officially been “paid,” but Flurgg gets a two-day grace period (also known as the “float”) before it actually has to come up with the cash to cover your check.

A quick supporting anecdote: as recently as the early 2000s, it often took two days for debit-card-processed-as-credit-card transactions to clear my bank account (depended on where I processed the transaction - e.g. Wal-Mart was next day, regional chain grocery was two days). Note that this was not processing the debit card on the old paper-&-carbons credit-card “slider” machine - it was on modern POC card-swiping equipment. My bank at the time had maybe 60 or 70 locations all over Mississippi, but none out of state.

When I switched banks in 2005 to a regional bank with branches in several states, the same kind of transaction consistently cleared next day regardless of where I spent the money.

Now then, here’s the GQ: in 2010, can an individual or business get a little extra float time on (a) their electronic transactions and/or (b) their handwritten checks by using small banks? Any geographic advantage (using an out-of-the-way bank vs. using a bank in the city)? Or has modern electronic-funds transfer changed smoothed all these wrinkles?

[Keeve]

@bordelond

as recently as the early 2000s, it often took two days for debit-card-processed-as-credit-card transactions to clear my bank account … Note that this was not processing the debit card on the old paper-&-carbons credit-card “slider” machine - it was on modern POC card-swiping equipment

As recently as TODAY, it can take two days from when I go on-line to pay my phone or cable bill via debit card, until I see the transaction on my bank account. Sometimes a hold will show up right away, but sometimes not. And this is for gigantic multi-state companies, and my bank is a gigantic multi-state one as well.

[BigT]

I’ve always seen the hold come up right away, although it still takes three days to clear. The only time I’ve had checks take longer are at places that do their checks in batches.