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Topic: New Banking Law - Don't Get Screwed (Read 360 times) |
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floridian
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New Banking Law - Don't Get Screwed
« on: Oct 25th, 2004, 3:21pm » |
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The Check 21 law takes effect Thursday (Oct. 28). It will dramatically speed up the processing of checks - once the new system is working, the checks you write may clear in a matter of hours, not days. Lots of people are expected to bounce checks and pay hefty penalties as the new law goes into effect. Finacial sources are warning people not to write a check unless the money is already in the account.
Your bank will no longer be able to return your checks to you - because they won't get them. Instead, they will get a digital file of the check. Unfortunately, deposits that you make to your account (cashed checks) can still be put on hold for a longer period of time. Looks like the big players will still get to use the float, just the average citizen who gets squeezed.
http://money.cnn.com/2004/10/22/pf/saving/willis_tips/
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| « Last Edit: Oct 25th, 2004, 3:23pm by floridian » |
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Melissa
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Re: New Banking Law - Don't Get Screwed
« Reply #1 on: Oct 25th, 2004, 4:09pm » |
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ugh, that sucks 
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alleyoop
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Re: New Banking Law - Don't Get Screwed
« Reply #2 on: Oct 25th, 2004, 5:31pm » |
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Although I was already aware of this, thanks Floridian! This won't change my banking habits since I've never really used the float. I did however, have my wife read your post! 
..................alley
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Tim_Z
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Re: New Banking Law - Don't Get Screwed
« Reply #3 on: Oct 25th, 2004, 6:20pm » |
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Yep that sucks, told the wife about it many times already. No more playing race the check game.
Tim
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Charlie
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Re: New Banking Law - Don't Get Screwed
« Reply #4 on: Oct 26th, 2004, 3:27am » |
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Yup. One more thing that makes me want to firebomb the powers that be in the banking industry. First, many years ago, they encouraged us to not get back our cancelled checks. I still do because I knew the banks would charge for copies. It's something like ten dollars or more now for a copy. Now this thing
Any overdraft I make is automatically covered by my savings account or my Visa Card. The Visa bunch has cut way back on the grace period though. Bastards.
Charlie 
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BarbaraD
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Re: New Banking Law - Don't Get Screwed
« Reply #5 on: Oct 26th, 2004, 6:11am » |
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Guess this goes back to the Golden Rule -- them that got the gold makes the rules.......
Hugs BD
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BarbaraG
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Re: New Banking Law - Don't Get Screwed
« Reply #6 on: Oct 26th, 2004, 6:17am » |
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You got that one right BarbD BarbG
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yikes-another-one
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Re: New Banking Law - Don't Get Screwed
« Reply #7 on: Oct 26th, 2004, 8:00am » |
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The paper system is still better than
getting a bar code tatooed on me arse
and having to drop trow to make purchases.
just wait ten years. Invisible ink, branded
on a hand or forehead..... it's on it's way....
Think I'm kidding? They are already implanting
people with the micro chips....saying it's written
with health information....that it saves time in
Emergencies.... they can just scan the past
history......
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thomas
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Re: New Banking Law - Don't Get Screwed
« Reply #8 on: Oct 26th, 2004, 9:33am » |
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Ok, so what's the big deal?
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Tiannia
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Re: New Banking Law - Don't Get Screwed
« Reply #9 on: Oct 26th, 2004, 2:46pm » |
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on Oct 26th, 2004, 9:33am, thomas wrote:| Ok, so what's the big deal? |
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For those of us that live pay check to next paycheck... it is tough when Saturday Morning, you have no food in the house and no cash in the back and want to go to the grocery store cause you know that your check will go into the account Monday Morning so you write a check. With this you could end up screwed and then paying your bank fee and then the stores fee. So those groceries cost an extra $50+.
Sucks very very bad
-Tia
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don
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Re: New Banking Law - Don't Get Screwed
« Reply #10 on: Oct 26th, 2004, 4:22pm » |
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Good Deal!
I stopped writing checks because some people take so fucking long to cash them that I forget and end up with an overdraft.
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Jayne
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Re: New Banking Law - Don't Get Screwed
« Reply #11 on: Oct 26th, 2004, 4:29pm » |
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on Oct 26th, 2004, 8:00am, yikes_another_one wrote:
The paper system is still better than
getting a bar code tatooed on me arse
and having to drop trow to make purchases.
just wait ten years. Invisible ink, branded
on a hand or forehead..... it's on it's way....
Think I'm kidding? They are already implanting
people with the micro chips....saying it's written
with health information....that it saves time in
Emergencies.... they can just scan the past
history......
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Yes how true and it's all in the name of "convenience" "it will make your life much easier"
When really it is all about us being controlled in the end.
I definatley think there will be a day when you have to have a chip emplanted in you to be able to function in the genral world.
Not me...I'll be in the hills wishing I could get some imitrex LOL
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Hirvimaki
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Re: New Banking Law - Don't Get Screwed
« Reply #12 on: Oct 26th, 2004, 4:51pm » |
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It should be noted that Check 21 merely authorizes banks to begin use of electronic check clearing - it does not require them to do so or mean that on the 28th all banks will process checks electronically.
Another provision of Check 21 affects claims regarding fraud and error. Currently banks do not need to credit the accounts of customers who complain of error or fraud until after the banks have completed their investigation (which can be a lengthy process, of course), but with Check 21 banks have only ten days to prove that disputed transactions were not their fault; if they do not provide such proof, they must credit their customers' accounts for the disputed amounts even if they have not completed their investigations.
Also, despite the fact that Check 21, in of itself, does not reduce the hold times banks have on your deposited checks, another federal check law, the Expedited Funds Availability Act, requires the Federal Reserve Board to reduce maximum hold times in step with reductions in actual check-processing times. So if Check 21 sufficiently increases the speed of check processing, the Board will reduce maximum hold times.
Hirvimaki-Isi
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| « Last Edit: Oct 26th, 2004, 4:59pm by Hirvimaki » |
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Charlie
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Re: New Banking Law - Don't Get Screwed
« Reply #13 on: Oct 26th, 2004, 9:24pm » |
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Quote:| Ok, so what's the big deal? |
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The big deal is that it's one more leak in the dyke for us. Every time we turn around, financial institutions are telling us how nice it would be for us not have to deal with all that messy mail and filing. Just log on to get screwed by us.com and we'll take care of everything for you, nothing to worry about, it's so much easier, much less bother, trust us and we will make your life just hunky dory. Right.
It's already bad enough that if I get a Visa statement while on vacation, I have a good chance to miss the grace period. 
Charlie
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Superpain
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Re: New Banking Law - Don't Get Screwed
« Reply #14 on: Oct 27th, 2004, 6:41am » |
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"Overdraft protection"....
It's a good thing. 
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Jimmy_B.
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Re: New Banking Law - Don't Get Screwed
« Reply #15 on: Oct 27th, 2004, 2:26pm » |
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This is why I love my Credit Union ...no fees, no bounced check charges. (The account would just go into negative charges until next Direct Deposit).
I haven't been charged anything since I opened the account (other then new checks).
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