Great, now the banks will get even more overdraft fees on bounced checks.

Funny, the checks that you write out will clear sooner, but no mention if the checks that you deposit will be available sooner.

The bank that I work for makes most checks available the next day, so it won't impact us that much, but I would think that customers from banks that hold funds for several days should question that.

Also, some major credit card companies have been doing somthing similar to this for probably over a year now. You send them a check, they take the funds from your account electronically. No copies or checks, nothing. A lot of older customers have had their Depends in a bunch over that.

It still takes 2-3 days for the mail to get there.

mail = your bills.

/clarification

Teledata's survey indicates about one-third of checking account holders still get their checks mailed back to them at the end of the month. Most tend to be older, or in the Northeastern states, he said.

I don't understand New England. When I turned 18, I went to college in Orlando, FL. Everything down there accepted debit/credit and most things were open 24 hours.I transfered back home to UMass. I went to a McDonalds after school and they didn't accept credit cards. Well I went across the street to a Wendys and they didn't accept them either.

Also, I've been to five different major airports, and Boston Logan and Manchester are the only airports I went to where no one uses the electronic check-in feature, they still wait in line. Same goes for movie theaters with the ATM style ticket booths.

/Why are we so old-fashioned?

Just a wild guess, but I would think that Orlando has a much higher rate of tourism than the New England states. As such, Orlando probably has a higher business interest in making it easier to separate tourist from their money, as well as the problem in dealing with out-of-state checks. Electronic access and 24-hour business models are probably vital to their economy.

Damn! My career as a check-kiter ends just as it was beginning to take off.

/longing to star in sequel to Catch Me If You Can

Pah, my bank has been doing this for a while now. I can even SEE cashed checks online.

Then again, I only write checks to pay bills, and transfer the amount that I need to pay out of my savings into my checking (also online) before I even send the check out.

Hmm correction, there is still a holding period for large sums of money.

The drive to clear checks electronically was fueled in part by the 9/11 attacks.

There really is nothing we can't tie to 9/11.

Are these farking asshat banks ALSO going to eliminate the time it takes to DEPOSIT some farking cash into your account? I mean, honestly. when you write a check and it INSTANTLY gets cashed , blammo... but GOD forbid you try and deposit one. Talk about total bullshiat.

This instant shiat better go both ways.

Who says it won't?

this is going to completely fark up my finances.

I always laugh when I hear people claim that Fark slants to the right...

and then I see them Greenlight articles about checks and garden gnomes while the media is talking about the 1000th death in Iraq.

Hmmmmm.

I can't believe that checks are still commonplace in the States. The fact that I cannot pay rent w/out using a check is so backward...

My bank (Bank One) mails (via snail mail) a paper check to itself on a transfer of money between two of our accounts. Hopefully this'll speed up and they'll stop frigging losing the transfer and screwing us over.

fark, anybody got $20 I can borrow till Friday?

LOL

Damn.

Just damn.

What's this whole 'check' thing about anyway?

Online bill pay is the greatest invention since this intraweb thingy got off the ground.

"Also, some major credit card companies have been doing somthing similar to this for probably over a year now. You send them a check, they take the funds from your account electronically. No copies or checks, nothing. A lot of older customers have had their Depends in a bunch over that."

Yes and it makes it a bit anoying when reconciling my checkbook every month when the CC company doesn't post what check number I used.

Unless you've been at the same bank for eons, many banks will put a hold on any check so you can't get your money until it "clears" They'll continue to do this until you complain.

I once had to have a nice little chat with a bank manager when they tried that shiat on me after tranferring my account from one branch to another of the same bank!

Now most payrolls do direct deposit. Lining up on Friday at the bank to deposit your paycheck for many is now just a distant memory. Technology marches forward.

I agree that being forced to write a check (or go get a couple of money orders with a huge wad of cash) to pay rent sucks. I wish I could pay rent on my credit card.

However, I grew up poor, and I know how valuable float can be. Many a time we had to go to the grocery store for emergency supplies, such as diapers for my little brother, or food, a couple of days before payday. Without the float, that would not have been possible.

Man, I kite checks every week. We have to in order to just stay afloat these days.

/boned

Bank One hasn't allowed you to float a check for a few years now. Not that I would know. Online banking rules all!

People still write checks?

sysoprock


Perhaps you should read the title of the site.

You know, the one that says "its not news"

Asshat

I kindof am happy about this because I always look at my account and think I have more money than I do because of waiting for the check to go through.. If you have a normal bank they will do withdrawals and deposits at night regardless of if they are instantly posted. So just because the check was cleared at 9 am doesn't mean that you don't have till 5:30 to make sure there is enough money in the account to cover that check. But boy have I become a master at Kiting as well as timing how long the car payment takes. Everything but that and my rent are paid by credit/debit card.

So much for my Thursday night beer and snack expeditions, I guess that efficiency is going to negatively impact a long standing pre-payday party tradition.

So when is the US Congress going to have to deal with a similar system?

2004-09-07 05:18:52 PM TexasFarkette


People still write checks?

Yeah, to float.

On Wednesday go to Stop N Shop. Buy pack of gum. Write check for $30 over. Get cash back.

Free loan until Friday.

Probably_From_Texas

Wow, you probably ARE from Texas.

I thought that was what credit cards are for...

"Meanwhile, banks will see immediate savings from Check 21; the nonprofit Consumers Union estimated the banks' savings at $2 billion."

Yes and I'm sure those savings will be passed on to us in less fees.

I'm in the middle of a bank teller training program right now. They've warned us to expect a lot of questions from our customers about Check 21.

The banks make a killing off of overdraft fees, and this will increase their profits. It is a step in the right direction though; money will flow faster and it will force customers to be more responsible. Anyone complaining about how long the banks hold deposits must understand that irresponsible customers cause these delays.

Oh yeah, and blame the government. Laws and regulations dictates exactly how long checks can and must be held for.

"I mean, honestly. when you write a check and it INSTANTLY gets cashed , blammo... but GOD forbid you try and deposit one."

Uhhhh...the person/company you wrote the check to is doing a deposit on their end. So if its pulled out of your account its going into their account at the same time. The only time I've seen slow deposits into my account has been if I put it in on a friday, it takes till monday to clear or its for a very large amount.

I don't know why the hell people write checks anymore anyways. Its such a hassle. Just setup your online banking to cut checks for you or electronically transfer the funds. I even pay my mortgage electronically.

"So when is the US Congress going to have to deal with a similar system?"

Touche

/Let's bring the boys home. That schiat ain't free.

So I bought some textbooks from the bookstore for ~300(with a check card mind you). I check my account status 2 days later, it says I have 250 left. I check it again 3 days after that, and I STILL have 250 left.

I go to walmart and use my check card for a loaf of bread. I go to the gas station and use it again for $10 in gas. Two days after that, the bookstore finally decides to bill me for my books(after I had deposited 1000 that day), which brings me to -50 over a week after I made the purchase. Which gets me hit with the first overdraft.

Then that same night, Wachovia decides to bill me for the bread and gas I had purchased two days prior when it said I had money while I'm currently below 0, thus earning me 2 more overdrafts. And then the next day they credit my 1000.

I was pretty pissed off that day. I guess information doesn't really travel that fast after all.

Yes and I'm sure those savings will be passed on to us in less fees.

Only in the form of new-account-gimmicks.

So much for "bad check Wednesday".....

Online bill pay is the greatest invention since this intraweb thingy got off the ground.

Amen!

I hope the door swings both ways on this one. What a farking hate is the "there will be a 3 day hold on that deposited check." Hey asswipe bank! you seem to have no farking problem draining my account on time. How about farking paying me on time.

My thought is that banks are a swirling turd and the "new economy" will send them the way of the buggy-whip.

The banks make a killing off of overdraft fees, and this will increase their profits.

No wonder they like the idea... my old bank (HSBC if you must know) has a habit of approving debits on my card when the funds for said debits aren't available. It's an easy way for them to make an extra $40.

Looks like someone's out of the job.



/Knock Knock.

Seems to be a lot of people complaining about banks when the fact is its the user thats in error. Here's a tip: If the money is NOT in your account, you can't spend it.


Oh my god!!! Its like rocket science or something. If you can't afford to hit the ATM for $30 on a friday and have to float a check to cover it, then maybe you shouldn't be spending that $30.

Also, I've been to five different major airports, and Boston Logan and Manchester are the only airports I went to where no one uses the electronic check-in feature, they still wait in line. Same goes for movie theaters with the ATM style ticket booths.

The AA terminal at Logan has electronic check in. Most newer theatres (like Fenway) have electronic check-in.

I'm sure the banks will still have the same old policy of "We always post debits before credits..." so they can screw you out of overdraft charges even though the money was there.