Statement and transaction date

[Mike or Penny Novack]

On 12/27/2016 11:58 AM, Abhijit Kshirsagar wrote:
> Hello all,
>
> I recently began using a new debit card where where the transaction
> date in the statement is almost always different from the actual
> transaction date.

I think this apparent issue is only because the dates tend to be closer 
in time that they used to be before electronics speeded up the 
processing of transactions.

In the "old days" when we wrote paper checks, we EXPECTED there to be a 
significant difference in time between when we paid (wrote out and made 
actual or "constructive delivery" --- for example, mailed the check) and 
when it got back to the bank and was processed by them. Your payment by 
debit card (in effect, a form of electronic check) is much faster, but 
still not instantaneous.

Your books should reflect when YOU paid, not when it was 
collected/processed against your account.

Michael D Novack