"Check" THIS Out

OOOOPPPPSSSS, meant to post this in Chit Chat, sorry and Mods, PLEASE move it!
Thankee Kindly! :)
 
Make it tougher to “stop” checks. With such fast processing times, it will become harder to prevent a check you’ve written from being paid. If a door-to-door salesperson pressures you into buying magazines, for example, and you later change your mind, you may have just a few hours to enter a stop-payment notice with your bank to keep the check from clearing.
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As well as making it virtually impossible for you to get any relief if your checkbook gets stolen. Gee, thank you bankers.

Why is this happening? Well, banks have realized for quite awhile that electronic check processing could save them money, perhaps as much as $2 billion a year.
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Ever wonder why the tallest and nicest buildings in any city are owned by banks and insurance companies? Now you know.

Something to bear in mind the next time you see one of those commercials from a bank talking about how they care about their customers.
 
If you can't monitor your own spending, don't expect me to feel sorry if you lose it. I actually see it saving you money if it's stolen. Similar to credit cards which you can stop all transactions in a matter of minutes if you're on the ball.

Of course if this is too complicated, you can always just keep your cash under your bed. :mellow:
 
Uh, splunge, did you ever have your wallet stolen? your checkbook?

I have, and didn't realise it for hours. The thing that stole them ran up over $1,400 bucks in just a few hours :(

Then think about Identity Theft! It's RAMPANT these days!
 
Originally posted by Splunge@Aug 21 2004, 05:19 PM
If you can't monitor your own spending, don't expect me to feel sorry if you lose it. I actually see it saving you money if it's stolen. Similar to credit cards which you can stop all transactions in a matter of minutes if you're on the ball.

Of course if this is too complicated, you can always just keep your cash under your bed. :mellow:
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I don't use credit cards. If I can't afford something, I wait until I can to purchase it. That's how I monitor my spending.

You'll change your tune when it happens to you. Notice that was when, not if.

Work for a bank, do we?
 
The thing is, paper checks are the weak link in security these days. It has your bank account number on it, often times your ss #, phone number, address...and most importantly...your signature. No encryption. No picture. Nothing but your bank acct #.

People worried about identity theft need to worry about the signed check YOU just gave a to a total stranger at 7-11...

BTW, I don't work for a bank...just believe in protecting every cent of my $$...

:ph34r:
:cheers:
 
I work for a credit union and am working on the Check 21 project. When this goes into effect, you will notice little or no change. The main change that this makes is that you will no longer receive your checks back in your statement. Most institutions stopped doing this long ago.

However, this does set up the system to change to electronic transfer of checks. In the next 1-2 years more instititions will make an electronic copy of a check that you send or deposit. The institution making the copy will store the checks for a short period and then dispose of the checks. The check copy will be sent through the federal reserve bank instead of the paper check. This will in fact shorten the amount of float that you receive.

However, the same avenues will still be available to correct an check mistakes. Most fraud and forgery rules rely on how quickly you notify the bank or credit union that you checkbook or credit card is missing. If you know it's missing and you do not notify anyone, then you will be held responsible. If you notify them right away they can do a lot more to help you.
 
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