Quote:
Originally posted by KRL
The purpose of this new system is to elimate the need for banks to transport and handle paper checks after they are written.
Now when you deposit someones check your bank will make a digital scan of it and then electronically send that digital image to their bank and the clearing process occurs in real time.
Your bank then destroys the paper check and the digital image becomes the legal copy of the check.
In the old system banks had to physically transport checks from bank to bank to clear. This costs them billions of dollars.
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Still doesn't answer my question.
I'm interested as a webmaster, not a consumer (I'm outside the USA anyway).
With the online check system there are still bits of paper floating around between banks, right? That's why it takes several days to bounce. I'm wondering if this new system will shave a few days off that delay.
edit: by online check system I mean a consumer paying for a pr0n site via ccbill check