Acura World banner

1 - 9 of 9 Posts

·
haf
Joined
·
10,626 Posts
Discussion Starter #1
so this happens tomorrow. :paranoid:

cliff notes:

banks won't have to send via postal mail checks to the originating bank for clearance. a digital image via email will now suffice.

pros: cheaper costs for banks (which of course we won't see coming back to us any time soon).

higher reliability of check processing and not to mention the speed of execution.

cons: downside is all those bets you've made wondering when a check will finally get cashed and hoping it doesn't happen for a few days are now out the window. you're looking at about a 24 hour max cashing time.

did someone say increase in bounced checks? banks - who are now saving money anyway - will make more money from bounced check fees! yay banks!

it's still a very good move though. we can transfer millions of dollars across countries in seconds, buy/sell stocks in a flash...but we still take 7 days to cash a check? :sqnteek:

not any more. gosh, i don't think i have written an actual check since 2003
 

·
Registered
Joined
·
16,429 Posts
hmm I heard about this - fortunately I haven't needed the extra few days for a while.

I have to write checks all the time still - school book orders, photographs, truly 90% is for school virtually everything else is debit/credit/e-banking
 

·
Tastes minty
Joined
·
7,324 Posts
What really sucks is that banks will now cash the check electronically, sucking the cash out of your account in less than 24 hours. Fine--I've got no problem with that. Heck, I use my debit card for just about everything anyway. But, if you deposit an out-of-state check you're still going to have to wait three business days to access the money. So they get your money in less than 24 hours but you can't get your own money for three days. Something is wrong with this.
 

·
Moderator?
Joined
·
9,839 Posts
Hmm maybe now I'll start taking checks on eBay. I never did before because of the "I wonder if its cleared cleared yet" guessing game.
 

·
Registered
Joined
·
271 Posts
Just a note... banks don't HAVE to process their checks like this... They just have to ACCEPT them. I know that Washington Mutual will NOT be sending digital images of checks for collection, but will continue using the old fashioned, snail-mail method. Check 21 does not require banks send their checks via digital duplicates, they just have to accept them.
 

·
Moderator?
Joined
·
9,839 Posts
The only concern I have is for security. If I write a check, it can only be deposited/cleared once because there's only one check. What's to keep 10 copies of my check being cleared 10 times?
 

·
Registered
Joined
·
16,823 Posts
CaliMike said:
The only concern I have is for security. If I write a check, it can only be deposited/cleared once because there's only one check. What's to keep 10 copies of my check being cleared 10 times?
The fact that it'll be blantantly obvious that the mistake was not yours, but rather your bank's, and it'll have to absorb the damages -- so they'll be really careful. :mhihi:
 
1 - 9 of 9 Posts
Top