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October 4th, 2004, 05:20 AM #1
Check 21 effective October 28, 2004
When is your check not a Check?
Suppose youâ€™re at a store making a purchase and decide to pay by checkâ€”at least, thatâ€™s what you believe youâ€™re doing.
The clerk asks you for a check that is completely filled out, partially filled out, or even blank. The clerk then runs the check through a machine and hands the voided check back to you with your receipt.
What just happened? Did you pay by check? Why did the clerk return the check to you? The answer is, you just experienced electronic check conversion. http://www.federalreserve.gov/pubs/checkconv/
Check 21 is sweeping new federal law that takes away your ability to get back your original paper checks. Under this law, consumers will be more likely to bounce checks and may find themselves paying higher bank fees.
The complicated new law gives you some rights, but those rights depend on a variety of factors, including how the merchant and the bank decide to process your check. http://www.consumersunion.org/finance/ckclear1002.htm
I can already tell who will not like this new law, wife's or woman, as they tend to be the ones who write the most checks at the mall. LOL ( not discriminating, my wife included )
I think it's a great idea for all businesses, but consumers will need some time to get used to, just like the debit card.
Who's not ready?
October 4th, 2004, 06:17 AM #2
I've been pushing at my daytime j*b for 5 years now to get this set up. Considering I've seen our bad check expense reports, we literally would save millions of dollars a year.
It's all just a matter of technology and time, oh and someone higher up thinking of it instead of meScott
If you can't dazzle them with brilliance, then baffle them with bulls#!t
Don't tell me that you'll do it... SHOW ME.
Just because everyone else is drinking it is no reason for me to drink the KOOL-AID.
October 4th, 2004, 11:15 AM #3
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>It's all just a matter of technology and time, oh and someone higher up thinking of it instead of me <HR></BLOCKQUOTE>
You just need to learn how to present it to the higher ups so they think they came up with the idea and tasked you to research it for them...
October 4th, 2004, 02:42 PM #4
> It's all just a matter of technology and time, oh and someone higher up thinking of it instead of me
You can still get involved accordind to echeck, more here:
(I have no interest in them and never heard of them, just saw a link on ftc.org)
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