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11/22/2017 10:05:29 PM
Posted: 10/22/2004 4:08:43 PM EST
Just a word of warning 10/28 is the end of the float on checks.
Link Posted: 10/22/2004 4:57:23 PM EST
Link Posted: 10/22/2004 5:40:02 PM EST
I think he's talking about some kind of electronic verification of funds on checks. I could be wrong. He could be an Illiminati plant.



If I am right, would this mean the end of the paper check? It would basically function as a debit card now.
Link Posted: 10/22/2004 5:42:48 PM EST
Yup, change is coming.
Link Posted: 10/22/2004 5:46:10 PM EST

Originally Posted By Brad86:
I think he's talking about some kind of electronic verification of funds on checks. I could be wrong. He could be an Illiminati plant.



If I am right, would this mean the end of the paper check? It would basically function as a debit card now.



Brad, Big Momma says you are right. She got something about this in the mail.

Danny
Link Posted: 10/22/2004 5:47:46 PM EST
[Last Edit: 10/22/2004 5:49:07 PM EST by Brad86]

Originally Posted By Phil_A_Steen:
Yup, change is coming.



How would there be change? First off, it's a paper check. Second off, there's no money in the account anyway. And C, what about the Illuminati?????



Originally Posted By Minuteman419:

Originally Posted By Brad86:
I think he's talking about some kind of electronic verification of funds on checks. I could be wrong. He could be an Illiminati plant.



If I am right, would this mean the end of the paper check? It would basically function as a debit card now.



Brad, Big Momma says you are right. She got something about this in the mail.

Danny



So it is the Illuminati?
Link Posted: 10/22/2004 6:12:48 PM EST
You can better understand the change if you knew how it worked to start with...
Link Posted: 10/22/2004 6:50:56 PM EST
[Last Edit: 10/22/2004 6:52:04 PM EST by metalrocks]
Check 21 allows banks to use electronic copies of checks as if they were the real check.

In layman's terms the banks could potentially decrease the processing time for clearing checks and thus reduce the time funds "float" and that is what was referenced in the thread.

As a consumer it is imprtant for you to know that an electronic copy of the check must be treated just the same as the original check. This is true in court and for representment - say of you got a non sufficient funds check from someone else.

As a consumer, if you get your checks returned to you, your bank may no longer return checks to you. Check with your banmking institution for specific information. This may no longer be possible because they may not have been provided the actual paper copy of the check and most will now go to electronic storage (images) instead of paper which takes up lots and lots of room.
Link Posted: 10/22/2004 7:19:29 PM EST

Originally Posted By Brad86:

Originally Posted By Phil_A_Steen:
Yup, change is coming.



How would there be change? First off, it's a paper check. Second off, there's no money in the account anyway. And C, what about the Illuminati?????



Originally Posted By Minuteman419:

Originally Posted By Brad86:
I think he's talking about some kind of electronic verification of funds on checks. I could be wrong. He could be an Illiminati plant.



If I am right, would this mean the end of the paper check? It would basically function as a debit card now.



Brad, Big Momma says you are right. She got something about this in the mail.

Danny



So it is the Illuminati?



I haven't seen that in our liquor store yet.

Danny

P.S. big words and pea brains don't mix.
Link Posted: 10/23/2004 1:49:06 AM EST
[Last Edit: 10/23/2004 3:25:30 AM EST by FALCORE]
I just wanted to warn all of you about the change this week in how your banking will be done.

Up until now your actual check went from bank to federal reserve to homing federal reserve to its home bank. This meant check was transported numerous times. Last year Congress passed a bill that allowed the Federal reserve system to use electronic entries instead of moving all that paper around.

Bottom line...this means NO MORE FLOAT on your checks. You will no longer be able to write a check at Costco and then cover it later, however, the banks are still not going to give you immediate credit on your deposits unless you ask or if it is a direct deposit.

This is going to make a big impact on how most people do their banking. Remember, you can thank Congress for that.
Link Posted: 10/23/2004 2:00:28 PM EST

Originally Posted By RELOADER-BOB:
You can better understand the change if you knew how it worked to start with...



It's a joke. Ya know, you generally don't get change when writing a check. Get it?
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