Quote:
Originally Posted by MMaster
When I receive money in Epass in two- three days I remove the money with ATM, but now it's impossible and the interest is growing every day with my money ... It's legal in USA this ?
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There is always some current rest consisting of sums of numerous small amounts here and there. You remote the money in 3 days, but 3 days it' there. Same it's there for 3 days in some other accounts and thus they have some rests for all the month.
Bank usually does not pay % on business accounts. But the rest that is not needed for immediate use can be used very safely in "money market". It does not earn much. I'm not sure what it is in current economic conditions, but the biggest I remember was 4.5% per year, usually less, may be less then 2% per year. But it's most safe and very fast - you can enter today and withdraw tomorrow.
AFAIK in US any financial institution is required to ask a strict permission from their clients to use money in money market or in any kind of investment for that matter. As for the where Epass incorporated - I do not know. Again, almost no one ever read terms of use carefully, it might be there.
If Epass is using my money in money market to earn something extra - I have no objections whatsoever. My concern is whether or not they were using them in any other, more risky, kinds of investment. Because that could be the cause for what's happening now.