New Check Law

Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more weeks
they still have to legally send the originals between banks.


"Morgans" wrote in message
...

"Greg Butler" wrote in message
...
Its interesting that they would go out of business before the law takes
effect on Oct 28th, you would think that they would stay in business for
as
long as possible. Oh well

I don't know how the law was written, but my bank has not been returning
checks for about a year.
--
Jim in NC


---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.774 / Virus Database: 521 - Release Date: 10/7/2004

"Greg Butler" wrote in message
...
Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more weeks
they still have to legally send the originals between banks.


Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

--
Jim Fisher

"Greg Butler" wrote in message
...
Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more weeks
they still have to legally send the originals between banks.


Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

--
Jim Fisher

"Jim Fisher" wrote in message
. ..

"Greg Butler" wrote in message
...
Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more
weeks
they still have to legally send the originals between banks.


Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

Yep, the days of being able to 'float' a check are almost gone. This new
process debits your account immediately and will prevent future losses to
businesses from bad checks :-)


--
Jim Fisher


Yep, the days of being able to 'float' a check are almost gone. The new
process debits your account immediately :-)

"Jim Fisher" wrote in message
. ..

"Greg Butler" wrote in message
...
Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more
weeks
they still have to legally send the originals between banks.


Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

Yep, the days of being able to 'float' a check are almost gone. This new
process debits your account immediately and will prevent future losses to
businesses from bad checks :-)


--
Jim Fisher


Yep, the days of being able to 'float' a check are almost gone. The new
process debits your account immediately :-)

"Jim Fisher" wrote in message
. ..

"Greg Butler" wrote in message
...
Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more
weeks
they still have to legally send the originals between banks.


Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

--
Jim Fisher

Jim,

Actually, what you're referring to has nothing to do with the new law. The
new law was written post-911 when the grounding of all the aircraft
prevented a lot of checks from being transferred to the appropriate banks.
The new law gives electronic copies of checks the same validity as the
physical check. It allows a receiving bank to electronically transmit your
check to your bank for payment. It still takes a bit for the check to make
it to the first bank, then scan it in, and do the transaction with your
bank.

What you're talking about is done by several stores now. The device that
the check is run thru does not scan the whole check, but only the numbers
along the bottom of the check. What you're basically authorizing is an
electronic funds transfer from your bank to the store just as if you used an
electronic bank card. You're not required to allow this, you can ask the
store to accept the written check instead of going the transfer route.

"Jim Fisher" wrote in message
. ..

"Greg Butler" wrote in message
...
Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more
weeks
they still have to legally send the originals between banks.


Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

--
Jim Fisher

Jim,

Actually, what you're referring to has nothing to do with the new law. The
new law was written post-911 when the grounding of all the aircraft
prevented a lot of checks from being transferred to the appropriate banks.
The new law gives electronic copies of checks the same validity as the
physical check. It allows a receiving bank to electronically transmit your
check to your bank for payment. It still takes a bit for the check to make
it to the first bank, then scan it in, and do the transaction with your
bank.

What you're talking about is done by several stores now. The device that
the check is run thru does not scan the whole check, but only the numbers
along the bottom of the check. What you're basically authorizing is an
electronic funds transfer from your bank to the store just as if you used an
electronic bank card. You're not required to allow this, you can ask the
store to accept the written check instead of going the transfer route.

"Robert B." wrote in message
...
"Jim Fisher" wrote in message
. ..

"Greg Butler" wrote in message
...
Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more
weeks
they still have to legally send the originals between banks.


Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

--
Jim Fisher

Jim,

Actually, what you're referring to has nothing to do with the new law.
The
new law was written post-911 when the grounding of all the aircraft
prevented a lot of checks from being transferred to the appropriate banks.
The new law gives electronic copies of checks the same validity as the
physical check. It allows a receiving bank to electronically transmit
your
check to your bank for payment. It still takes a bit for the check to
make
it to the first bank, then scan it in, and do the transaction with your
bank.

What you're talking about is done by several stores now. The device that
the check is run thru does not scan the whole check, but only the numbers
along the bottom of the check. What you're basically authorizing is an
electronic funds transfer from your bank to the store just as if you used
an
electronic bank card. You're not required to allow this, you can ask the
store to accept the written check instead of going the transfer route.




Right, what I was talking about was the new law that makes an electronic
copy of the check just as legal as the original, thus eliminating the need
for delivery of cancelled checks.

Stores have been doing that around here for a few years.. works like a debit
card at that point.. instantly removed from your account.. no float..

BT

"Jim Fisher" wrote in message
. ..

"Greg Butler" wrote in message
...
Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more
weeks
they still have to legally send the originals between banks.


Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

--
Jim Fisher

Stores have been doing that around here for a few years.. works like a debit
card at that point.. instantly removed from your account.. no float..

BT

"Jim Fisher" wrote in message
. ..

"Greg Butler" wrote in message
...
Many banks send a copy of the cancelled check to you instead of the
original, and keep the originals in the vault, but for a couple more
weeks
they still have to legally send the originals between banks.


Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

--
Jim Fisher