Technology makes the float risky for consumers
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Quite often, "it's the exceptional check that is held. It's a new account where the bank doesn't know the customer or it's a large amount," says Fritz Elmendorf, vice president of communications at the Consumer Bankers Association, a Washington-based trade group for retail banks.

Electronically, deposits made into an online account can be made available by the bank the next day, although the rules of the Expedited Funds Availability Act still apply.

Playing the float is risky
Despite the good intentions of the check writer, some consumer advocates advise against playing the float game.

"Once upon a time, you could write a check and not worry about the bank clearing it for a few days," says Jean Ann Fox, director of consumer affairs at the Consumer Federation of America, a Washington-based advocacy group. "But some banks will immediately clear checks for mortgage and car payments."

That means that if a bunch of checks hit the bank at once, the biggest check is cleared first. If it bounces, every subsequent check bounces, too -- resulting in the consumer being socked with multiple bounced-check fees. If the small checks had cleared first, and only the big mortgage check bounced, a consumer would be hit with just one bounced-check fee.

If you must play the float, Fox suggests that consumers not pay all their large bills at once -- at least until the checks are covered: "Try to get your payments staggered throughout the month so that there will be a lesser chance of checks bouncing."

When it comes to getting access to checks you've been given, the float works against you. To speed up getting the cash, avoid making deposits through an automated teller machine. Banks can set an earlier cutoff time for an ATM deposit than for a teller deposit. For instance, if you hand a deposit to a teller by 2 p.m., the bank must consider it to be received that business day. But if you were to make an ATM deposit at the same time, it might not be credited until the next day, because the cutoff time could be as early as noon.

Forget about depositing a check at another bank. That bank doesn't have to make the customer's money available until the fifth business day.

Likewise, cashier's checks, certified checks, state or local government checks, and checks drawn on a Federal Reserve Bank or Federal Home Loan Bank can take two business days to clear instead of one when they're deposited at any ATM.

More hints to avoid being hit by the float:

• Avoid making deposits through the ATM -- banks can set an earlier cutoff time for an ATM deposit than a teller deposit. Checks can take two business days to clear instead of one when they're deposited at any ATM.
• Don't deposit a check at another bank's ATM -- that bank won't have to make the money available until the fifth business day.
• Consider getting overdraft protection -- the service that allows money from another account to be transferred to a checking account should the account not have enough money to cover a check. Be careful, though -- many banks charge as much to cover your check as they do to bounce it.
• Use telephone banking to transfer money from savings or other accounts to cover checks in your checking account. Transfer the money back to savings after the checks are covered.
• Consider arranging to have money sent through Western Union if it's coming from out of state.

Finally, "be as direct as you can," Mierzwinski suggests. "Ask your bank how much interest is collected on a check the second after it's deposited -- they are required by law to disclose all fees."