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Posted: 10/29/2004 5:39:15 AM EDT
[Last Edit: 10/29/2004 5:47:43 AM EDT by mr_wilson]
Does it bother anyone that this new Check 21 regulation means you'll no longer be getting your checks back from your bank?

May dad told me as 12 yr. old kid, "son always deal w/ a bank that returns your original checks" and I always have......

The bank makes me pay for them, their my property but now some Federal Reserve a-hole comes along and tells me I ain't entitled to my own dang property????


Amendment V

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a grand jury, except in cases arising in the land or naval forces, or in the militia, when in actual service in time of war or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation
.


If the above is true what gives them (the Federal Reserve) the right to take my property (my checks, bought and paid for by me with my own money) without due process or compensation?

I ain't got a problem with the "floating" issue, I don't do this, never have, but I want my property in the form of my check which is my original receipt.........

Anybody else feel this way, or am I the only livin person who still requires his bank provide this service?

Mike

added: oh yea I almost forgot.... while I haven't managed to get thru the 114 pages of this BS, the local paper yesterday pointed out that the bank that receives my check (wherever that may be) don't even have to "shred or entirely destroy" my check when they dispose of it... which means my check could end up tossed in some dumpster somewhere for any homeless person to gain access to my bank routing number........ what kind of crap is this????

Link Posted: 10/29/2004 12:45:46 PM EDT
As a Banker,


A check is simply a voucher to withdraw a certain amount of funds from your account. Transporting checks around the county is expensive for banks and the Federal Reserve Bank. It is much more cost effective to transmit the electronic images back to the banks.

After the checks are imaged they are destroyed by the bank of first deposit. The images are now your legal proof of payment and are legally binding.

Check 21 is mandated by the Feds and individual banks have no say in it.

Side Note: My bank was one of the first banks in the nation to switch over to check imaging and the program has been very successful. Our customers love it and makes research very easy.
Link Posted: 10/29/2004 12:55:03 PM EDT

Originally Posted By texasAR:
As a Banker,


A check is simply a voucher to withdraw a certain amount of funds from your account. Transporting checks around the county is expensive for banks and the Federal Reserve Bank. It is much more cost effective to transmit the electronic images back to the banks.

After the checks are imaged they are destroyed by the bank of first deposit. The images are now your legal proof of payment and are legally binding.

Check 21 is mandated by the Feds and individual banks have no say in it.

Side Note: My bank was one of the first banks in the nation to switch over to check imaging and the program has been very successful. Our customers love it and makes research very easy.



My bank don't return my cashed checks ,If I need to look at it I can go online to my banks webpage and see a copy of my check.

There is one store by me that don't "take" checks you give them a check to pay for your stuff with and they scan it through a little machine that files the check automaticly and writes void on the check with the amount you payed.
Link Posted: 10/29/2004 12:59:20 PM EDT
Embrace the cashless society Comrad.

666


Link Posted: 10/29/2004 1:12:47 PM EDT
Keep your checking account well balanced, and use it only as a clearing account for debts. Routinely transfer excess beyond your personal "accounts payable balance" into savings, investment accounts, cash, or debt reduction. The bank is not the preferred place to keep your money.
Most banks have moved to microfilm copies anyway. My bank has charged for paper copies for some time. I therefore utilize them solely as a clearing house to serve my debt needs, instead of letting them keep my hard earned cash for their own investments.
Link Posted: 10/29/2004 1:14:58 PM EDT

Originally Posted By Red_Beard:
Embrace the cashless society Comrad.



+1
Link Posted: 10/29/2004 1:17:13 PM EDT
Link Posted: 10/29/2004 1:20:31 PM EDT
Even since I open a checking account I have always opted for a truncated account, so the Check Clearing for the 21 Century Act (Check 21) doesn't bother me.

PS - I work for the Federal Reserve Bank
Link Posted: 10/29/2004 1:22:20 PM EDT
[Last Edit: 10/29/2004 1:23:09 PM EDT by want1]

There is one store by me that don't "take" checks you give them a check to pay for your stuff with and they scan it through a little machine that files the check automaticly and writes void on the check with the amount you payed. This is not Check 21 this type of transaction is ACH

Edited for spelling
Link Posted: 10/29/2004 1:29:04 PM EDT
I can't think of a checking account in my past that returned checks.

My current bank keeps them for something like 60 days, then destroys them, maintaining an image of the check on file.

I have always used the checks that make a copy that stays in the checkbook.

I just want to be assured that the original is destroyed properly. So that a dumpster diver can't get the check after it is processed and use it as a basis for check fraud.
Link Posted: 11/1/2004 2:43:41 AM EDT

Originally Posted By mr_wilson:
Anybody else feel this way, or am I the only livin person who still requires his bank provide this service?



Thanks for your comments fellas, hard as it is to believe, appears I am the exception to the rule and the only livin American left that receives his "original" checks back..............

This un-reported method of disposal for my "original check" still gives me the willies, though.

Mike
Link Posted: 11/1/2004 2:57:41 AM EDT
Link Posted: 11/1/2004 2:59:38 AM EDT
There are going to be poor images

lost images

problems galore --------

And we had no say in it...........................  
Link Posted: 11/1/2004 3:03:19 AM EDT
[Last Edit: 11/1/2004 3:04:21 AM EDT by The_Beer_Slayer]
Link Posted: 11/1/2004 3:34:34 AM EDT

nope, digital imaging has been around for AT LEAST 10+ years. I service the machines that sort and scan those checks. Missing or mismatched images are not only rare they are almost impossible to have occur due to the way the systems work.


almost.

Maybe thats good enough for you...
Link Posted: 11/1/2004 3:39:14 AM EDT
Link Posted: 11/1/2004 4:39:16 AM EDT

Trust me. THIS IS A MUCH SUPERIOR SYSTEM.


In what way does it benefit ME the check writter?
Link Posted: 11/1/2004 4:51:45 AM EDT
Who writes checks anymore?

SGtar15
Link Posted: 11/1/2004 4:56:35 AM EDT
My bank of 17 years has always returned my checks at no charge as part of the agreement when I opened the account.  Now they inform me that I can continue to receive my cancelled checks but I must pay $3 per month for the privilege.  All I want to do is go to my desk and pull out a cancelled check if needed. I do not want to make a trip to the bank or look for the image on the internet. I just feel more secure by having the original. It seems to me that customer service is turning into customer fees.
Link Posted: 11/1/2004 5:03:32 AM EDT
More Customer Service= More Paper

More paper=More Humans

More Humans=More Payroll

More Payroll=Less Profit for THE BANK OF THE NORTHERN HEMISPHERE


Link Posted: 11/1/2004 5:04:12 AM EDT
[Last Edit: 11/1/2004 5:08:50 AM EDT by BookHound]
Link Posted: 11/1/2004 5:05:33 AM EDT

Originally Posted By POWER03:
More Customer Service= More Paper

More paper=More Humans

More Humans=More Payroll

More Payroll=Less Profit for THE BANK OF THE NORTHERN HEMISPHERE





Your right!

Damn these businesses for wanting to make a profit!

What next?  Increase in company stock values???  <Grrrrr>


Sgtar15
Link Posted: 11/1/2004 5:11:04 AM EDT
Link Posted: 11/1/2004 5:22:07 AM EDT
I think I write 1 check every 4 months.  I don't care for checks, and I don't use them unless I have to (ie largeish payment to a private party).  I prefer an electronic transaction or cash.

The direct benefit of Check21 is to the banks as a cost-saving feature.  But it makes banking less expensive, making it more profitable for more banks, creating more competition, meaning that the banks that pass some of these savings on to their customers attract more customers, creating a win for the consumer.  That's my take, anyway.
Link Posted: 11/1/2004 5:24:50 AM EDT
I'm not check 21 fan.....  BUT!!!

Checks have never been a 100% reliable format either..

Back in the early 70's I worked for NCR as a computer service man, maintaining their Century series computers and peripherials at banks.

In the 3 years I did that I can remember at least a dozen times I had to go to a bank on a check sorter call. Most of the time the check sorter would have "Eaten" 100-200 checks before the operator got the sorter stopped.

Of that 100-200 eaten checks there was always at least a half dozen that were completely destroyed beyond recognition and were just lost... the rubber wheels would just burn right through a wadded check or it would get shredded..

I think most of the lost checks had already been read so the data was saved.. but.. the customer just got an apology from the bank about the lost checks in their monthly statement..

So.. there have always been problems with checks...
Link Posted: 11/1/2004 9:05:53 AM EDT
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