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Joined: May 2002
Posts: 21,653
I have no life
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I have no life
Joined: May 2002
Posts: 21,653 |
Originally posted by bigMoneyRacing:
Originally posted by Kremithefrog:
And from what I understand you will no longer have access to those images. ... I don't like that.
WTF? You need to change banks.
Well if the bank doesn't get the checks back, how are they gonna have the images? I've only written one check, so it isn't that big of a deal to me anyways.
98.5 SVT
91 Escort GT (almost sold)
96 ATX Zetec (i brake to watch you swerve)
FS: SVT rear sway bar
WTB: Very cheap beater
CEG Dragon Run - October 13-15
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Joined: Oct 2000
Posts: 4,149
Hard-core CEG'er
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Hard-core CEG'er
Joined: Oct 2000
Posts: 4,149 |
Originally posted by Kremithefrog:
Well if the bank doesn't get the checks back, how are they gonna have the images?
Because the other bank makes an image of it and they share the information electronically.
-- 1999 SVT #220 --
In retrospect, it was all downhill from here. RIP, CEG.
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Joined: May 2002
Posts: 21,653
I have no life
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I have no life
Joined: May 2002
Posts: 21,653 |
98.5 SVT
91 Escort GT (almost sold)
96 ATX Zetec (i brake to watch you swerve)
FS: SVT rear sway bar
WTB: Very cheap beater
CEG Dragon Run - October 13-15
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Joined: Aug 2000
Posts: 3,193
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Aug 2000
Posts: 3,193 |
Well... I believe this act is a good thing, as I get scanned images with my statements, and contrary to Consumer Report's claim, they will stand as proof of payment. The only case where there may be doubt is fraud, where you can access the bank's scanned checks for a front and back copy. A small fee may apply, but for the very rare times you would need this, I don't consider it to be harmful to the consumer.
In 12 years of holding checking accounts, I have never needed to access a cancelled check.
What this does do is upgrades the current stone age paper check routing everywhere for processing to a much more efficient electronic method. This method will save millions in processing costs a year.
It's about time for government to stop restricting progress.
Brad "Diva": 2004 Mazda 6s 5-door, Volcanic Red
Rex: 1988 Mazda RX-7 Vert, Harbor Blue.
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Joined: Mar 2002
Posts: 631
Veteran CEG\'er
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Veteran CEG\'er
Joined: Mar 2002
Posts: 631 |
Quote:
Unfortunately, I've had problems in the past. I've made a deposit on Friday, after business hours (after their cut-off for crediting deposits that same day), written a check later that same day, and because the deposit will not be credited until Monday, but the debit is listed on Saturday, my account has been overdrawn until I go in and show the bank that the funds really were there. I don't think the bank should be able to list a debit if they do not also list credits that same day. This seems unfairly biased against consumers and designed to extract fees from them.
That is bank regulation for business days. Its not intended to be unfair. I have the tellers tell all of the customers about availability. This will eventially change. Find a bank that is on-line (most banks will be soon to allow check21 to really work). Online banks allow you to deposit cash and have it available immediately. There has to be some rules to keep it from getting crazy. Now that there are 24hr and 7 day a week banks it makes it crazy. You have to draw the line somewhere but that line will be changed in the near future.
05 Legacy GT Turbo 5speed
99 SVT GRN/TAN (sold)
06 Ford Explorer EBv8
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Joined: May 2000
Posts: 2,127
Hard-core CEG'er
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Hard-core CEG'er
Joined: May 2000
Posts: 2,127 |
Sandman,
You of all people should know that the bank is just trying to protect itself. Sure, it's inconvenient to you, but enough low-lifes have deposited false checks, checks drawn on insufficient funds etc to give banks good reason to hold off on giving you full credit for the deposit until the check clears.
I'd say businesses are not much better than individuals in this arena either. I once worked for a $30million/year business that wrote me a "hot check" for $6500 for a class I for them. Their students were happy, but I threatened to leave on Wednesday of the 5 day class if the check didn't clear, or cash wasn't presented.
So while you want the money now, you can thank all those folks who float checks, kite checks, or just plain commit fraud (Spelled African Cashiers Check Schemes) for the rules that seem favorable to the bank.
Many merchants already "electronically process" your check. Many of the places that have a check reader (like Wal*Mart) electronically process your check so they get their money quicker.
That is essentially what this is, the check is "converted" into an electronic form, and you can get a paper representation of this form.
TB
"Seems like our society is more interested in turning each successive generation into cookie-cutter wankers than anything else." -- Jato 8/24/2004
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Joined: Mar 2003
Posts: 2,676
Hard-core CEG\'er
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Hard-core CEG\'er
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Posts: 2,676 |
Oh so what, here in Europe no one uses checks. We jsut do bank transfers. I think that is the way things are going anyway.
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Joined: Nov 2003
Posts: 1,831
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Nov 2003
Posts: 1,831 |
Originally posted by hetfield:
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.
I haven't had a problem, but I did have one check bounce by mistake cause some ditz at the bank entered the wrong amount.  I'm not too worried about it, I just don't understand why they're messing with something that works?  I get my checks returned, but they're also scanned at my bank and available to me online as well, so I could live without my checks being returned, but why mess with withdrawal times? So people get their money faster?
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
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Joined: Sep 2002
Posts: 4,294
Hard-core CEG'er
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Hard-core CEG'er
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Originally posted by frenchblueC2:
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.
same here, my bank stopped returning my checks like 3 years ago. I can see them when i do online banking, and i just look for the check number, click it boom, there it is. clear color, high res shot of it.
95 SES Sold
99 SE Sport Sold
99 SVT T-Red Tan Interior. K&N, Magnecors, 19' Theorys, And some audio stuff.
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Joined: Mar 2002
Posts: 631
Veteran CEG\'er
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Veteran CEG\'er
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Posts: 631 |
I just got all the official info on check21 so if you have any major questions post them.
05 Legacy GT Turbo 5speed
99 SVT GRN/TAN (sold)
06 Ford Explorer EBv8
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