|
|
Joined: May 2002
Posts: 3,667
Hard-core CEG'er
|
Hard-core CEG'er
Joined: May 2002
Posts: 3,667 |
Haven't heard of it...
but whatever, no big deal.
Diesel owns you
|
|
|
|
|
Joined: Nov 2003
Posts: 1,831
Hard-core CEG\'er
|
|
Hard-core CEG\'er
Joined: Nov 2003
Posts: 1,831 |
 What is this? I've never heard of it.  Sounds like those of us with checking accounts are in for lots of headaches!  I don't like the sound of that, and what exactly is the point? "Checks may bounce" are words I don't wanna hear! I'm not looking forward to this going into effect. Hopefully my bank still deals with this as well as they deal with stuff now. I have three accts with them and really don't want to have headaches tryin to figure out what the hell is going on with my checks... 
A Contour is not just a car, it's an experience
99 T-Red SE Zetec ATX
Born April 16, 1999
98 E0 Silver Frost CSVT
#3175/3565
Born August 21st, 1997
Stored at P.R.T. for the winter
67 Mustang 289 project car
|
|
|
|
|
Joined: May 2001
Posts: 8,770
Smurfette
|
|
Smurfette
Joined: May 2001
Posts: 8,770 |
Maybe my head is just fried from my busy weekend, but I don't see what the problem is. I've never gotten any of my checks returned to me in the 5+ years I've had my checking account. My bank keeps an electronic (scanned) image of front and back of each of my cleared checks. I have access to these images anytime I need them. I have only needed to refer to them once to prove that I made a car payment. I don't see how this new ruling would affect me, but that may go back to me going  while trying to read that article.
Kim
1995 Contour GL
Needs less "needs more"
|
|
|
|
|
Joined: May 2001
Posts: 8,770
Smurfette
|
|
Smurfette
Joined: May 2001
Posts: 8,770 |
Originally posted by 99contourdriver:
What is this? I've never heard of it. Sounds like those of us with checking accounts are in for lots of headaches! I don't like the sound of that, and what exactly is the point? "Checks may bounce" are words I don't wanna hear!
I think what they were getting at is that people like to write checks, but not deposit funds to back the checks until days later. The site says that this new law will make it so checks get processed faster, therefore taking the funds out sooner. This sooner time may end up being faster than you can put funds into your account, provided you're one of those people.
I don't think it's anything to worry about even still. I mean who cashes your checks immediately after you write them, aside from friends or something?
When I write a check, I always make sure there are funds in there, but it still never gets cashed until a week later due to me having to mail the check, and them sitting on it for a couple more days before cashing it.
Kim
1995 Contour GL
Needs less "needs more"
|
|
|
|
|
Joined: Jul 2002
Posts: 4,714
Scourge of the Master Debaters
|
|
Scourge of the Master Debaters
Joined: Jul 2002
Posts: 4,714 |
Originally posted by 99contourdriver:
"Checks may bounce" are words I don't wanna hear!
As usual, you will only bounce checks if you don't pay attention to your balance. If you enter all your debits/credits right away like you should then you'll never write a bad check. Simple.
Quote:
Checks you write will clear sooner, increasing the risk that a check will bounce if funds are not in the account when you write the check. Don't write a check unless the funds are already in the account to cover it.
This is how you should be using your checking account to begin with.
Beer is my Gatorade.
Hooray Beer.
'98 "Sport" Pacific Green
'98 E0 SVT Silver Frost
Pictures
|
|
|
|
|
Joined: Jul 2002
Posts: 4,714
Scourge of the Master Debaters
|
|
Scourge of the Master Debaters
Joined: Jul 2002
Posts: 4,714 |
Originally posted by Davo:
Originally posted by jenniferw508:
http://www.consumersunion.org/finance/ckclear1002.htm
That looks to be a fair review of the new laws going into place. 
Good to see someone else's spin detector was going off, too 
Beer is my Gatorade.
Hooray Beer.
'98 "Sport" Pacific Green
'98 E0 SVT Silver Frost
Pictures
|
|
|
|
|
Joined: Apr 2002
Posts: 6,198
Hard-core CEG'er
|
|
Hard-core CEG'er
Joined: Apr 2002
Posts: 6,198 |
Originally posted by hetfield:
Good to see someone else's spin detector was going off, too
This line gave it away:
"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."
In other words, this law will make all people really dumb.
|
|
|
|
|
Joined: Mar 2002
Posts: 631
Veteran CEG\'er
|
|
Veteran CEG\'er
Joined: Mar 2002
Posts: 631 |
I will be going to a seminar on weds about it. I have been watching it over the past couple months to see what the impact might be. It shouldn't affect the average person who keeps a good balance in their account. It just means funds will be pulled more quickly. No more 3 day holds on checks etc. For Joe Smoe who writes checks for rent before he gets paid this will really screw him. For big business this will really make a change. Think about how much a business could have in float during any one day. (1,000, 500,000, 1mil, 10mil, more??) Some billing companies already pull money from accounts in this fashion. Remember this legistlation only allows banks to do this. It is not requiring them to do it in Oct. My bank will not be switching until the bugs are worked out.
05 Legacy GT Turbo 5speed
99 SVT GRN/TAN (sold)
06 Ford Explorer EBv8
|
|
|
|
|
