P Duniho writes...
my understanding is that the Federal Reserve is supposedly working
on some change to the banking rules that would allow checks to clear without
a paper trail, or at least without an immediate paper verification


It's called "Check 21" for short, the Check Clearing for the 21st Century Act.
The goal's to prevent trucks and planes loaded with paper checks (cheques, for
our European friends) from having to haul them around North America before the
transactions can become official.

http://www.federalreserve.gov/paymen...on/default.htm