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        New Message Board Archives >> 2004 Posts >> New Banking Law - Don't Get Screwed
        
(Message started by: floridian on Oct 25^th, 2004, 3:21pm)

Title: New Banking Law - Don't Get Screwed
Post by floridian on Oct 25^th, 2004, 3:21pm

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/

Title: Re: New Banking Law - Don't Get Screwed
Post by Melissa on Oct 25^th, 2004, 4:09pm

ugh, that sucks >:(

Title: Re: New Banking Law - Don't Get Screwed
Post by alleyoop on Oct 25^th, 2004, 5:31pm

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! ;;D

..................alley

Title: Re: New Banking Law - Don't Get Screwed
Post by Tim_Z on Oct 25^th, 2004, 6:20pm

Yep that sucks, told the wife about it many times already. No more playing race the check game.

Tim

Title: Re: New Banking Law - Don't Get Screwed
Post by Charlie on Oct 26^th, 2004, 3:27am

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 http://www.netsync.net/users/charlies/gifs/mad crowd.gif

Title: Re: New Banking Law - Don't Get Screwed
Post by BarbaraD on Oct 26^th, 2004, 6:11am

Guess this goes back to the Golden Rule -- them that got the gold makes the rules.......

Hugs BD

Title: Re: New Banking Law - Don't Get Screwed
Post by BarbaraG on Oct 26^th, 2004, 6:17am

You got that one right BarbD BarbG

Title: Re: New Banking Law - Don't Get Screwed
Post by yikes_another_one on Oct 26^th, 2004, 8:00am

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......

Title: Re: New Banking Law - Don't Get Screwed
Post by thomas on Oct 26^th, 2004, 9:33am

Ok, so what's the big deal?

Title: Re: New Banking Law - Don't Get Screwed
Post by Tiannia on Oct 26^th, 2004, 2:46pm

on 10/26/04 at 09:33:55, thomas wrote:

Ok, so what's the big deal?

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

Title: Re: New Banking Law - Don't Get Screwed
Post by don on Oct 26^th, 2004, 4:22pm

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.

Title: Re: New Banking Law - Don't Get Screwed
Post by Jayne on Oct 26^th, 2004, 4:29pm

on 10/26/04 at 08:00:50, yikes_another_one wrote:

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

Title: Re: New Banking Law - Don't Get Screwed
Post by Hirvimaki on Oct 26^th, 2004, 4:51pm

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

Title: Re: New Banking Law - Don't Get Screwed
Post by Charlie on Oct 26^th, 2004, 9:24pm

Quote:

Ok, so what's the big deal?

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. http://www.netsync.net/users/charlies/gifs/furious.gif

Charlie

Title: Re: New Banking Law - Don't Get Screwed
Post by Superpain on Oct 27^th, 2004, 6:41am

"Overdraft protection"....
It's a good thing. ;)

Title: Re: New Banking Law - Don't Get Screwed
Post by Jimmy_B on Oct 27^th, 2004, 2:26pm

This is why I love my Credit Union ;;D...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).