Don't Forget Check21 Starts This Month With US Banks

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  • KRL
    Entrepreneur
    • Oct 2002
    • 31429
    #1

    Don't Forget Check21 Starts This Month With US Banks

    This new system allows bank to legally clear checks using transmission of an electronic image without having to deliver the physical check itself between banks to clear them.

    What this means is that checks can literally clear in minutes now.

    So floating will become a thing of the past.

    Vice versa banks will no longer be able to justify putting holds on deposits, although they aren't under a legal requirement to do that under the new law. (which was written by the bank lobbyists obviously so they can still benefit from the float on your deposits that they get away with).

    It will also be harder to put a stop payment on a check now.

    This system begins October 21.
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    • Arousal Design
      Confirmed User
      • Jun 2002
      • 1358
      #2
      cool. i hope it works and works smoothly.

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        Comment

        • jacked
          sperm tail
          • May 2004
          • 11019
          #3
          this is great now i won't have to wait a week or so for some of my checks to clear
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            Comment

            • rowan
              Too lazy to set a custom title
              • Mar 2002
              • 17393
              #4
              Is this internal to the USA only, or can banks outside of the USA also verify cheques? Some banks hold on to USA funds for 30-45 days, or wait until the cheque comes back cleared (via slow paper mail)

                Comment

                • Ironhorse
                  Pixel Pusher
                  • Nov 2002
                  • 7094
                  #5
                  good info, thanks man
                  [email protected]

                    Comment

                    • quiet
                      we'll miss you our friend. RIP
                      • Sep 2001
                      • 25115
                      #6
                      cool
                      we'll miss you our friend. RIP

                        Comment

                        • FlyingIguana
                          aspiring banker
                          • Mar 2002
                          • 10870
                          #7
                          Originally posted by KRL
                          This new system allows bank to legally clear checks using transmission of an electronic image without having to deliver the physical check itself between banks to clear them.

                          What this means is that checks can literally clear in minutes now.

                          So floating will become a thing of the past.

                          Vice versa banks will no longer be able to justify putting holds on deposits, although they aren't under a legal requirement to do that under the new law. (which was written by the bank lobbyists obviously so they can still benefit from the float on your deposits that they get away with).

                          It will also be harder to put a stop payment on a check now.

                          This system begins October 21.
                          wish they'd do that shit in canada

                            Comment

                            • KRL
                              Entrepreneur
                              • Oct 2002
                              • 31429
                              #8
                              Originally posted by rowan
                              Is this internal to the USA only, or can banks outside of the USA also verify cheques? Some banks hold on to USA funds for 30-45 days, or wait until the cheque comes back cleared (via slow paper mail)
                              The way this works is instead of banks physically transporting 40 billion checks a year between the paying bank and the receiving bank, now all they will do is scan the check into an image file and then send that image between themselves electronically.

                              The banks will then destroy the original paper check and the digital image of the check becomes the legal proof of payment.

                              Banks will save billions of dollars by no longer having to move checks back and forth.

                              The plan was started after 9/11 when the FAA shutdown all the airtraffic and the entire check clearing process came to a standstill for several days as a result.

                              Banks will also make a fortune on NSF fees since many people write checks before they do the deposit hoping by the time the check clears it will be covered. With the new system within minutes after its scanned it will be digitally cleared so the float will no longer be available.

                              It will also make it very difficult to stop payment on a check.

                              And if you need copies of your checks they will be in jpg format now.
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                                Comment

                                • Drake
                                  Hello world!
                                  • Mar 2003
                                  • 12508
                                  #9
                                  That's excellent

                                    Comment

                                    • Theo
                                      HAL 9000
                                      • May 2001
                                      • 34515
                                      #10
                                      more info about it here

                                      http://www.snopes.com/business/bank/check21.asp

                                      the article says it starts on 28 Oct, not sure which date is the correct, no big deal

                                        Comment

                                        • KRL
                                          Entrepreneur
                                          • Oct 2002
                                          • 31429
                                          #11
                                          Originally posted by Mike33
                                          That's excellent
                                          Yes and no. I predict a ton of NSF checks from this change.

                                          Plus when you deposit a company's check and they floated you get hit with a fee also when the deposit goes NSF. So the banks make money both sides of the bounce.
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                                            • Lace
                                              Too lazy to set a custom title
                                              • Mar 2004
                                              • 16116
                                              #12
                                              Finally! Im still learly about using wires or any online payment system like paypal or espassporte so i still get checks.

                                              dont ask..


                                              But this is pretty cool. No more waiting 7 days for canada checks to clear or 3-5days for US.
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                                                Comment

                                                • EscortBiz
                                                  Fuck Checks, CASH only!
                                                  • May 2002
                                                  • 19422
                                                  #13
                                                  finally

                                                  someone should make paypal fund accounts quicker when using a check they hold you money for 5 days when in fact they have it within 12 hours

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                                                    • KRL
                                                      Entrepreneur
                                                      • Oct 2002
                                                      • 31429
                                                      #14
                                                      Originally posted by EscortBiz
                                                      finally

                                                      someone should make paypal fund accounts quicker when using a check they hold you money for 5 days when in fact they have it within 12 hours
                                                      Hahaha yeh that'll be the day. PayPal is a master at using the float.
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                                                        • Sly
                                                          Let's do some business!
                                                          • Sep 2004
                                                          • 31380
                                                          #15
                                                          How will this affect check billing for paysites?
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                                                            • EscortBiz
                                                              Fuck Checks, CASH only!
                                                              • May 2002
                                                              • 19422
                                                              #16
                                                              Originally posted by Sly
                                                              How will this affect check billing for paysites?
                                                              0 this is for paper checks

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                                                                • Theo
                                                                  HAL 9000
                                                                  • May 2001
                                                                  • 34515
                                                                  #17
                                                                  Originally posted by KRL
                                                                  Yes and no. I predict a ton of NSF checks from this change.
                                                                  no doubt. Overall at least for a period of time won't be positive

                                                                    Comment

                                                                    • FlyingIguana
                                                                      aspiring banker
                                                                      • Mar 2002
                                                                      • 10870
                                                                      #18
                                                                      Originally posted by Lace
                                                                      Finally! Im still learly about using wires or any online payment system like paypal or espassporte so i still get checks.

                                                                      dont ask..


                                                                      But this is pretty cool. No more waiting 7 days for canada checks to clear or 3-5days for US.
                                                                      you'll prolly still have to wait for canadian cheques to clear. chances are canadian banks don't have the system.

                                                                        Comment

                                                                        • Persius
                                                                          Tap into MOBILE!
                                                                          • Jul 2003
                                                                          • 11779
                                                                          #19
                                                                          thanks for the info :D

                                                                            Comment

                                                                            • BV
                                                                              wtf
                                                                              • Sep 2001
                                                                              • 10914
                                                                              #20
                                                                              so i wonder, if at all, how this will affect our industries current issues with online check transactions....

                                                                                Comment

                                                                                • strobi
                                                                                  Confirmed User
                                                                                  • Nov 2002
                                                                                  • 7383
                                                                                  #21
                                                                                  sure hope this will work with international checks! Would be nice!

                                                                                    Comment

                                                                                    • uvort
                                                                                      Confirmed User
                                                                                      • Mar 2003
                                                                                      • 3580
                                                                                      #22
                                                                                      Wow.. thanks for letting me know.. that's some pretty cool shit man
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                                                                                        • kenny
                                                                                          Confirmed User
                                                                                          • Mar 2002
                                                                                          • 7245
                                                                                          #23
                                                                                          Originally posted by KRL
                                                                                          Yes and no. I predict a ton of NSF checks from this change.

                                                                                          Plus when you deposit a company's check and they floated you get hit with a fee also when the deposit goes NSF. So the banks make money both sides of the bounce.
                                                                                          So if somebody gives me a check and it bounces when I deposit it I get charged?

                                                                                          How does that work?
                                                                                          7

                                                                                            Comment

                                                                                            • watch
                                                                                              Confirmed User
                                                                                              • Feb 2004
                                                                                              • 129
                                                                                              #24
                                                                                              Originally posted by strobi
                                                                                              sure hope this will work with international checks! Would be nice!
                                                                                              Question is only how many banks will tell their customers that they have that international check cleared within a few hours. Robbers as most of them are they may still prefer to apply the usual 7-45 days hold. In that time, it's money for the bank, over all the transactions it adds up to billions one can use to play on the stock markets or to secure loans, I doubt they will get rid of that advantage voluntarily.

                                                                                                Comment

                                                                                                • AlienQ - BANNED FOR LIFE
                                                                                                  best designer on GFY
                                                                                                  • Mar 2003
                                                                                                  • 30307
                                                                                                  #25
                                                                                                  Originally posted by BV
                                                                                                  so i wonder, if at all, how this will affect our industries current issues with online check transactions....

                                                                                                    Comment

                                                                                                    • MikeHawk
                                                                                                      Confirmed User
                                                                                                      • Jan 2004
                                                                                                      • 6683
                                                                                                      #26
                                                                                                      KRL..Thanks..
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                                                                                                        Comment

                                                                                                        • KRL
                                                                                                          Entrepreneur
                                                                                                          • Oct 2002
                                                                                                          • 31429
                                                                                                          #27
                                                                                                          Originally posted by kenny
                                                                                                          So if somebody gives me a check and it bounces when I deposit it I get charged?

                                                                                                          How does that work?
                                                                                                          It depends on your bank, but usually they do charge both parties in a bounced check situation. The writer of the check and the depositor.

                                                                                                          I had some loser bounce a $15,000 check once in my account.
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                                                                                                            • Bigjohn
                                                                                                              Confirmed User
                                                                                                              • Feb 2003
                                                                                                              • 1118
                                                                                                              #28
                                                                                                              My bank appears to already be prepared for this. As of last month I can go online and see a scanned copy of my cleared checks

                                                                                                                Comment

                                                                                                                • goBigtime
                                                                                                                  Confirmed User
                                                                                                                  • Nov 2002
                                                                                                                  • 7761
                                                                                                                  #29
                                                                                                                  Wait a minute....

                                                                                                                  I remember reading somewhere the definition of a check is pretty liberal. Like it doesn't have to actually be YOUR check, it just needs YOUR authorization and the correct information on it.

                                                                                                                  IE..
                                                                                                                  http://www.terrence.com/java/cboard.html

                                                                                                                  So you could incorporate a java based signature file creator where people could take the time to get their signature as close to their real signature as possible (using their mouse) and then save it (or download it) for future use with that or other payment systems.

                                                                                                                  Then your system would autmoatically generate the image of a check with all of the users submitted information for the transaction, slap their signature on it and send over to whoever clears it.

                                                                                                                  I guess that's how the new check payment systems will probably go down.

                                                                                                                  Last edited by goBigtime; 10-07-2004, 12:35 AM.

                                                                                                                    Comment

                                                                                                                    • KRL
                                                                                                                      Entrepreneur
                                                                                                                      • Oct 2002
                                                                                                                      • 31429
                                                                                                                      #30
                                                                                                                      Originally posted by Bigjohn
                                                                                                                      My bank appears to already be prepared for this. As of last month I can go online and see a scanned copy of my cleared checks
                                                                                                                      Its the smaller banks that will take some time because the equipment is pricey. Most of the major money center banks are all ready to go or in process on implementation.
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                                                                                                                      from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION!
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                                                                                                                        • KRL
                                                                                                                          Entrepreneur
                                                                                                                          • Oct 2002
                                                                                                                          • 31429
                                                                                                                          #31
                                                                                                                          Originally posted by goBigtime
                                                                                                                          Wait a minute....

                                                                                                                          I remember reading somewhere the definition of a check is pretty liberal. Like it doesn't have to actually be YOUR check, it just needs YOUR authorization and the correct information on it.

                                                                                                                          IE..
                                                                                                                          http://www.terrence.com/java/cboard.html

                                                                                                                          Ya'll follow?

                                                                                                                          I see new payment systems coming soooon
                                                                                                                          LOL, before they implemented ACH online, I setup my own system for people to authorize their checks digitally. I printed their checks and did the SIGNATURE ON FILE legal requirement and deposited them like a regular check. My bank was totally cool with it and accepted them as valid depositable checks.

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                                                                                                                            • EscortBiz
                                                                                                                              Fuck Checks, CASH only!
                                                                                                                              • May 2002
                                                                                                                              • 19422
                                                                                                                              #32
                                                                                                                              Originally posted by goBigtime
                                                                                                                              Wait a minute....

                                                                                                                              I remember reading somewhere the definition of a check is pretty liberal. Like it doesn't have to actually be YOUR check, it just needs YOUR authorization and the correct information on it.

                                                                                                                              IE..
                                                                                                                              http://www.terrence.com/java/cboard.html

                                                                                                                              So you could incorporate a java based signature file creator where people could take the time to get their signature as close to their real signature as possible (using their mouse) and then save it (or download it) for future use with that or other payment systems.

                                                                                                                              Then your system would autmoatically generate the image of a check with all of the users submitted information for the transaction, slap their signature on it and send over to whoever clears it.

                                                                                                                              I guess that's how the new check payment systems will probably go down.
                                                                                                                              you dont even need that, check by phone or web u can just print a draft

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                                                                                                                                • goBigtime
                                                                                                                                  Confirmed User
                                                                                                                                  • Nov 2002
                                                                                                                                  • 7761
                                                                                                                                  #33
                                                                                                                                  Originally posted by KRL
                                                                                                                                  LOL, before they implemented ACH online, I setup my own system for people to authorize their checks digitally. I printed their checks and did the SIGNATURE ON FILE legal requirement and deposited them like a regular check. My bank was totally cool with it and accepted them as valid depositable checks.

                                                                                                                                  Yeah I've thought about all kinds of interesting (but legal) things to do with digital signatures like that in the past.

                                                                                                                                  I'm sure it will be used a lot in the future.

                                                                                                                                    Comment

                                                                                                                                    • goBigtime
                                                                                                                                      Confirmed User
                                                                                                                                      • Nov 2002
                                                                                                                                      • 7761
                                                                                                                                      #34
                                                                                                                                      Originally posted by EscortBiz
                                                                                                                                      you dont even need that, check by phone or web u can just print a draft
                                                                                                                                      Yeah... I remember all that... like ATS and whoever else processes checks does.

                                                                                                                                      But with these new rules, having a signature (apparently?) allows for you to have the funds clear right away... the way I'm understanding this thread anyway.

                                                                                                                                        Comment

                                                                                                                                        • Rich
                                                                                                                                          So Fucking Banned
                                                                                                                                          • Jan 2003
                                                                                                                                          • 11486
                                                                                                                                          #35
                                                                                                                                          I'm glad other people try out shit like this before I do. I'm sure the scammers/hackers will blow huge holes in this process at first and some people will get fucked. Eventually they'll fine tune it but I'd be willing to bet a good chunk of change that the original system they come out with has some major vulnerability.

                                                                                                                                            Comment

                                                                                                                                            • MrJackMeHoff
                                                                                                                                              Confirmed User
                                                                                                                                              • Mar 2004
                                                                                                                                              • 4569
                                                                                                                                              #36
                                                                                                                                              If you use a good bank you wont wait for any checks to clear anyway whats wrong with you.

                                                                                                                                              This is really nothing new alot of companies were doing this individually already.

                                                                                                                                                Comment

                                                                                                                                                • Rich
                                                                                                                                                  So Fucking Banned
                                                                                                                                                  • Jan 2003
                                                                                                                                                  • 11486
                                                                                                                                                  #37
                                                                                                                                                  Originally posted by MrJackMeHoff
                                                                                                                                                  If you use a good bank you wont wait for any checks to clear anyway whats wrong with you.

                                                                                                                                                  This is really nothing new alot of companies were doing this individually already.
                                                                                                                                                  Yeah I haven't had my bank hold a check in years. If you always have more money with them than the amount of the checks, why would they.

                                                                                                                                                    Comment

                                                                                                                                                    • Peaches
                                                                                                                                                      Old broad
                                                                                                                                                      • Oct 2002
                                                                                                                                                      • 13933
                                                                                                                                                      #38
                                                                                                                                                      Originally posted by Soul_Rebel
                                                                                                                                                      more info about it here

                                                                                                                                                      http://www.snopes.com/business/bank/check21.asp

                                                                                                                                                      the article says it starts on 28 Oct, not sure which date is the correct, no big deal
                                                                                                                                                      28th is correct.

                                                                                                                                                      If you were Wig's neighbor like I am, you've been hearing about this ALL THE TIME for the last year

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