Of course, your
bank will take the
money as fast as they can read your
signature on your
check. They probably
grab your money even if they
can't read your signature, just to be sure. And until a
law is passed, they will
hold on to your money for as long as they can. It has
nothing to do with
technology; it's pure and simple
greed.
I saw that in Norway banks cannot take interest on their customers money while it is en route between accounts or banks or whatever. That makes sense, since, just like domaindudu points out, it's just a split-second transaction in their system.
On another note, why are you still using checks? That's a relic from the twentieth century that won't be missed. I have never ever used a single check in my life.
Update: Since writing the above, I have moved to the United States. I now have used many checks...