Major changes to how banks clear checks - GoFuckYourself.com

EscortBiz · 08-05-2004, 08:49 PM

http://moneycentral.msn.com/content/...ing/P90617.asp

EviLGuY · 08-05-2004, 09:01 PM

Thats kind of interesting.. checks are pretty much outdated anyways.

fr8 · 08-05-2004, 09:02 PM

Damn good thing im already using plastic for everything.

James White · 08-05-2004, 09:05 PM

Good to see banks getting with technology

crockett · 08-05-2004, 09:05 PM

Quote:

Originally posted by EviLGuY
Thats kind of interesting.. checks are pretty much outdated anyways.

kinda sucks because the float can be helpful sometimes.. but I have always wondered why in the hell it takes so long to process a check. I wonder if this will make using checks more popular online. Maybe it wil help us in the long run, as a way to bypass visa if a check can clear in less than 24 hours..

worst case if it dosen't clear, you only gave away a 24 hour trial..

WiredGuy · 08-05-2004, 09:13 PM

I like the idea of most aspects, I'm not sure how well fraud control will work out without the original check anymore though. It is time that technology caught up to the banking sector. As the article said, billions should be saved in processing fees, but fat chance banks will pass those savings on to customers.

WG

EscortBiz · 08-05-2004, 09:20 PM

Quote:

Originally posted by WiredGuy
I like the idea of most aspects, I'm not sure how well fraud control will work out without the original check anymore though. It is time that technology caught up to the banking sector. As the article said, billions should be saved in processing fees, but fat chance banks will pass those savings on to customers.

WG

yeah they better have some solid security in place

JustinF · 08-05-2004, 09:34 PM

Quote:

Originally posted by EviLGuY
Thats kind of interesting.. checks are pretty much outdated anyways.

Not according to that article: "banks process about $200 billion in checks every business day".

BRISK · 08-05-2004, 09:35 PM

I like the idea of checks clearing faster.

Illicit · 08-05-2004, 09:38 PM

I write a check maybe once every 6 months... its plastic and online banking for me

Mr. Mike · 08-05-2004, 09:39 PM

I was surprised to know that it takes this long to clear a check. I deposit a check by 4pm, it shows up the next day. Been like that for years.

extreme · 08-05-2004, 09:39 PM

checks suck.

Stamen · 08-05-2004, 09:40 PM

Sounds like a good thing to me.

EscortBiz · 08-05-2004, 09:42 PM

banks are going to make a fortune in boucned check fees, here is why:

millions of people write checks knowing that it will take 2-3 days to hit their account and then they plan on the next day or so to put the money in to cover it.

They will be in shock when all of a sudden same day boom they get hit with a fee for a bounced check

Oracle Porn · 08-05-2004, 09:43 PM

Am I the only one who is being trusted by their bank and add the funds imidiatly to my account?

If I have $10,000 on my account and deposit $1,000 in checks... I immideatly see $11,000 balance....

KRL · 08-05-2004, 09:43 PM

Does that also mean when we deposit 6 figure and up checks they don't get to play the bank's scammy float game where they put a 7 business day hold until funds clear?

Let's see if that stops too. And if not what bs excuse they'll use to play with your funds for 7 days.

EscortBiz · 08-05-2004, 09:45 PM

Quote:

Originally posted by KRL
Does that also mean when we deposit 6 figure and up checks they don't get to play the bank's scammy float game where they put a 7 business day hold until funds clear?

Let's see if that stops too. And if not what bs excuse they'll use to play with your funds for 7 days.

wondering the same

if a bank needs an excuse all they say is "well its our policy blah blah blah..."

EscortBiz · 08-05-2004, 09:46 PM

Quote:

Originally posted by Oracle Porn
Am I the only one who is being trusted by their bank and add the funds imidiatly to my account?

If I have $10,000 on my account and deposit $1,000 in checks... I immideatly see $11,000 balance....

and its avilable right away?

im thankful that I really dont care in these days, but i remember the days when every day made a difference

SpeakEasy · 08-05-2004, 09:46 PM

Good article Escort Biz .very interresting to say the least.

zzgundamnzz · 08-05-2004, 09:47 PM

In a nutshell, the law frees banks from having to handle paper and instead allows them to process electronic images of your original checks

This is nothing really new... back when I worked for EDS we processed all those checks the same way. Only difference was that they got copied on to micro-film instead of on hard drives.

The big difference is the speed though. It took forever to process everything into the micro film but doing digital images should speed everything up.

EscortBiz · 08-05-2004, 09:47 PM

Quote:

Originally posted by SpeakEasy
Good article Escort Biz .very interresting to say the least.

thnx

woj · 08-05-2004, 09:48 PM

I write maybe one check a month, all electronic here... I guess it would be cool to get sponsor checks cleared sooner, but doesn't really matter though...

BRISK · 08-05-2004, 09:50 PM

Quote:

Originally posted by Oracle Porn
Am I the only one who is being trusted by their bank and add the funds imidiatly to my account?

If I have $10,000 on my account and deposit $1,000 in checks... I immideatly see $11,000 balance....

I have that too, but only up to $1000. If I deposit a check for $10,000 they will clear $1000 immediately but they will hold the other $9000 until the check clears.

Shoplifter · 08-05-2004, 09:51 PM

It's already like this in Canada and other places. The checks clear overnight.

Easton · 08-05-2004, 09:51 PM

i didn't think anyone used checks anymore, then i moved to the US... i can write the gas pump attendant a check here, it's crazy

EscortBiz · 08-05-2004, 09:55 PM

Quote:

Originally posted by Easton
i didn't think anyone used checks anymore, then i moved to the US... i can write the gas pump attendant a check here, it's crazy

reminds me of a funny story

This guy who just moved from russia to america was at my house to do an installation of a phone system.

He told me before he started that cash only, it was just 250 bucks why not.

Then he told me that a week after he arrived to america he installed an phone system, remote garage door system, alarm system for someone and he charged them 2000 dollars.

when it came to pay the guy said all he has is a check for 6000 so the customer offers him take the 6K check and give me 3500 in cash as change and keep the 500 bucks for the trouble.

You can figure out the rest the check bounced

Oracle Porn · 08-05-2004, 09:58 PM

Quote:

Originally posted by EscortBiz
and its avilable right away?

im thankful that I really dont care in these days, but i remember the days when every day made a difference

been with this bank for 2 years, and after 1 month of use they clear checks immidiatly....

Oracle Porn · 08-05-2004, 09:59 PM

Quote:

Originally posted by BRISK
I have that too, but only up to $1000. If I deposit a check for $10,000 they will clear $1000 immediately but they will hold the other $9000 until the check clears.

nop, no limit.

BRISK · 08-05-2004, 10:01 PM

Quote:

Originally posted by Oracle Porn
nop, no limit.

Try depositing a check for $1,000,000 and see if they'll clear it immediately.

Oracle Porn · 08-05-2004, 10:03 PM

Quote:

Originally posted by BRISK
Try depositing a check for $1,000,000 and see if they'll clear it immediately.

sure, send me one and I'll tell you how it goes, you know the address right?

speakthetruth · 08-05-2004, 10:05 PM

Quote:

Originally posted by KRL
Does that also mean when we deposit 6 figure and up checks they don't get to play the bank's scammy float game where they put a 7 business day hold until funds clear?

Let's see if that stops too. And if not what bs excuse they'll use to play with your funds for 7 days.

If they are placing a hold on your 6 figure checks you do not have enough $ in the bank. Banking is about relationships, and how much $ you have in the bank. If my bank told me they were placing a hold on any check I would close my account right then and there.

KRL · 08-05-2004, 10:45 PM

Quote:

Originally posted by speakthetruth
If they are placing a hold on your 6 figure checks you do not have enough $ in the bank. Banking is about relationships, and how much $ you have in the bank. If my bank told me they were placing a hold on any check I would close my account right then and there.

I've only been with one bank that credited any size check right away, which was an LA bank specializing in the entertainment industry so they got lots of large checks. We usually kept about $250,000 to $500,000 in that checking account. Most banks though do have a policy of 5 to 7 day hold on large checks unless its certified or a cashiers check.

gage · 08-05-2004, 10:49 PM

with direct deposit.. wire transfer, etc... i haven't written a check for ages.. -g

Trixxxia · 08-05-2004, 10:52 PM

Don't know about the American banking system but haven't seen it at the bank I worked - the only time checks were held on big amounts were with questionable accounts or cheques drawn on US banks cuz they can return the cheque NSF up to 30 days later whereas Canadian banks have a limit of 3 business days.

psyko514 · 08-05-2004, 10:56 PM

Quote:

Originally posted by TopBucksTrixxxia
Don't know about the American banking system but haven't seen it at the bank I worked - the only time checks were held on big amounts were with questionable accounts or cheques drawn on US banks cuz they can return the cheque NSF up to 30 days later whereas Canadian banks have a limit of 3 business days.

mind if i ask what bank you worked at?

Trixxxia · 08-05-2004, 10:58 PM

CIBC - Main branch

Your GF works at Visa, right?

Snake Doctor · 08-05-2004, 10:59 PM

Quote:

Originally posted by KRL
I've only been with one bank that credited any size check right away, which was an LA bank specializing in the entertainment industry so they got lots of large checks. We usually kept about $250,000 to $500,000 in that checking account. Most banks though do have a policy of 5 to 7 day hold on large checks unless its certified or a cashiers check.

I've noticed my bank holds funds whenever I have a substantial increase in business.
If I deposit roughly the same amount of money every week, regardless of how much it is, they credit it right away.

If I have a really good week, or don't make a deposit one week and deposit double the amount the next week, there's a hold on a portion of the funds.

I think it has something to do with the amount of the deposit VS your average daily balance.

psyko514 · 08-05-2004, 11:01 PM

Quote:

Originally posted by TopBucksTrixxxia
CIBC - Main branch

Your GF works at Visa, right?

both of us do, as a matter of fact. i work for TD and she works for CIBC, also at the main branch... you two probably crossed paths a few times!

i'm assuming you used to post here as Trixxxia? i just now put two and two together. congrats on the new position

Trixxxia · 08-05-2004, 11:03 PM

Quote:

Originally posted by psyko514
both of us do, as a matter of fact. i work for TD and she works for CIBC, also at the main branch... you two probably crossed paths a few times!

i'm assuming you used to post here as Trixxxia? i just now put two and two together. congrats on the new position

Actually I think I stopped working at the branch when she started - I left that branch in 93-94 and went to the one on St-Jacques for a year or two, then went to Place Versailles.

Yes, that is me

& thanks for the

!

C_U_Next_Tuesday · 08-05-2004, 11:07 PM

Quote:

Originally posted by EscortBiz
banks are going to make a fortune in boucned check fees, here is why:

millions of people write checks knowing that it will take 2-3 days to hit their account and then they plan on the next day or so to put the money in to cover it.

They will be in shock when all of a sudden same day boom they get hit with a fee for a bounced check

bingo, they know this and are probably salivating on the chance to make more money off of their clients.

aiken · 08-05-2004, 11:17 PM

Quote:

banks are going to make a fortune in boucned check fees, here is why:

Perhaps, but decent banks offer you a way around that. I bank with Citibank, and automatically get a credit line for about 3x my average balance. I can write checks based on funds that haven't arrived yet, and as long as I make a deposit to cover them within a few days, there's no interest.

Now, the formerly-cool, now-crappy credit union I used to bank with just moved to 5-day holds for any ATM deposit, regardless of amount, balance, or banking history. *They* were definitely looking for NSF fees.

Cheers
-b

wdsguy · 08-05-2004, 11:23 PM

interesting read

Paul Markham · 08-06-2004, 12:42 AM

Quote:

Originally posted by BRISK
I like the idea of checks clearing faster.

They can take 5 weeks to clear here, the banks keep telling us they have to go back to the issueing bank to checked for the signature and funds, etc.

Even checks from Hustler and PRO, who both have more money then the banks and the check is signed by a computer.

08-05-2004, 08:49 PM	#1
EscortBiz Fuck Checks, CASH only! Join Date: May 2002 Location: New York City Posts: 19,422	Major changes to how banks clear checks http://moneycentral.msn.com/content/...ing/P90617.asp __________________ Spanking, Medical Fetish, Sleeping, Strap-on Anal Lesbians, Girls Fucking Guys, Handjob site REAL HOT, Shemales, Anal and Ass Licking sites 100% Real EXCLUSIVE with amazing retention, ccbill payouts, lots of content FREE FTP HOSTING Promote the largest and oldest member paid escort site, Converts 10 times better then any dating site, CCBill payouts ICQ# 158802076

08-05-2004, 09:02 PM	#3
fr8 Confirmed User Industry Role: Join Date: Mar 2003 Posts: 5,074	Damn good thing im already using plastic for everything. __________________ █ joesmut (a) gmail Dot com █ Full Stack Developer

08-05-2004, 09:13 PM	#6
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,482	I like the idea of most aspects, I'm not sure how well fraud control will work out without the original check anymore though. It is time that technology caught up to the banking sector. As the article said, billions should be saved in processing fees, but fat chance banks will pass those savings on to customers. WG __________________ I play with Google.

08-05-2004, 09:35 PM	#9
BRISK Too lazy to set a custom title Join Date: Feb 2003 Posts: 12,240	I like the idea of checks clearing faster. __________________ I post on GFY so that when people ask me what I do, I can tell them that I work with the mentally retarded.

08-05-2004, 09:38 PM	#10
Illicit wtf ? Join Date: Dec 2003 Location: GFY Posts: 11,895	I write a check maybe once every 6 months... its plastic and online banking for me __________________ Insert Sig Here

08-05-2004, 09:01 PM	#2
EviLGuY So Fucking Banned Join Date: Apr 2003 Location: malta Posts: 12,745	Thats kind of interesting.. checks are pretty much outdated anyways.

08-05-2004, 09:05 PM	#4
James White Confirmed User Join Date: Apr 2004 Location: Dirty South, Atlanta ICQ# : 191-402-709 Posts: 1,405	Good to see banks getting with technology

08-05-2004, 09:39 PM	#11
Mr. Mike Confirmed User Join Date: Aug 2004 Posts: 913	I was surprised to know that it takes this long to clear a check. I deposit a check by 4pm, it shows up the next day. Been like that for years. __________________ Sig for sale. ICQ: 163-545-054

08-05-2004, 09:39 PM	#12
extreme Confirmed User Industry Role: Join Date: Oct 2002 Location: lalaland Posts: 2,120	checks suck. __________________ Browse and find new paysites with screenshot-preview Export FHGs/FLVs/Paysites by JSON, XML, CSV and Text Find FHGs/FLVs/Paysites from any given Category or Search-query

08-05-2004, 09:40 PM	#13
Stamen Confirmed User Join Date: Aug 2004 Location: Vegas Posts: 698	Sounds like a good thing to me. __________________ Show me the pistil porn!

08-05-2004, 09:42 PM	#14
EscortBiz Fuck Checks, CASH only! Join Date: May 2002 Location: New York City Posts: 19,422	banks are going to make a fortune in boucned check fees, here is why: millions of people write checks knowing that it will take 2-3 days to hit their account and then they plan on the next day or so to put the money in to cover it. They will be in shock when all of a sudden same day boom they get hit with a fee for a bounced check __________________ Spanking, Medical Fetish, Sleeping, Strap-on Anal Lesbians, Girls Fucking Guys, Handjob site REAL HOT, Shemales, Anal and Ass Licking sites 100% Real EXCLUSIVE with amazing retention, ccbill payouts, lots of content FREE FTP HOSTING Promote the largest and oldest member paid escort site, Converts 10 times better then any dating site, CCBill payouts ICQ# 158802076

08-05-2004, 09:43 PM	#15
Oracle Porn Affiliate Industry Role: Join Date: Oct 2002 Location: Icq: 94-399-723 Posts: 24,433	Am I the only one who is being trusted by their bank and add the funds imidiatly to my account? If I have $10,000 on my account and deposit $1,000 in checks... I immideatly see $11,000 balance.... __________________

08-05-2004, 09:43 PM	#16
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	Does that also mean when we deposit 6 figure and up checks they don't get to play the bank's scammy float game where they put a 7 business day hold until funds clear? Let's see if that stops too. And if not what bs excuse they'll use to play with your funds for 7 days. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

08-05-2004, 09:46 PM	#19
SpeakEasy Confirmed User Join Date: Sep 2002 Location: The Internet Posts: 2,681	Good article Escort Biz .very interresting to say the least.

08-05-2004, 09:47 PM	#20
zzgundamnzz Confirmed User Join Date: Apr 2002 Location: Los Angeles Posts: 6,102	In a nutshell, the law frees banks from having to handle paper and instead allows them to process electronic images of your original checks This is nothing really new... back when I worked for EDS we processed all those checks the same way. Only difference was that they got copied on to micro-film instead of on hard drives. The big difference is the speed though. It took forever to process everything into the micro film but doing digital images should speed everything up. __________________ Last edited by zzgundamnzz; 08-05-2004 at 09:49 PM..

08-05-2004, 09:48 PM	#22
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	I write maybe one check a month, all electronic here... I guess it would be cool to get sponsor checks cleared sooner, but doesn't really matter though... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

08-05-2004, 09:51 PM	#24
Shoplifter Richest man in Babylon Industry Role: Join Date: Jan 2002 Location: Posts: 10,002 Posts: 5,725	It's already like this in Canada and other places. The checks clear overnight.

08-05-2004, 09:51 PM	#25
Easton Too lazy to set a custom title Industry Role: Join Date: Sep 2002 Location: Phoenix, AZ Posts: 9,825	i didn't think anyone used checks anymore, then i moved to the US... i can write the gas pump attendant a check here, it's crazy __________________ New models booked and shot every week... MILFs, pornstars and teens. Girls for every niche and project. Looking for high-quality affordable exclusive content? Check me out at Easton Content for all the details.

08-05-2004, 10:49 PM	#33
gage Confirmed User Join Date: Apr 2004 Location: Scottsdale AZ & Colorado Posts: 225	with direct deposit.. wire transfer, etc... i haven't written a check for ages.. -g

08-05-2004, 10:52 PM	#34
Trixxxia Confirmed User Industry Role: Join Date: Aug 2004 Location: Montreal, Canada Posts: 5,600	Don't know about the American banking system but haven't seen it at the bank I worked - the only time checks were held on big amounts were with questionable accounts or cheques drawn on US banks cuz they can return the cheque NSF up to 30 days later whereas Canadian banks have a limit of 3 business days.

08-05-2004, 10:58 PM	#36
Trixxxia Confirmed User Industry Role: Join Date: Aug 2004 Location: Montreal, Canada Posts: 5,600	CIBC - Main branch Your GF works at Visa, right?

08-05-2004, 11:23 PM	#42
wdsguy Ryde or Die Industry Role: Join Date: Dec 2002 Location: California-Shanghai Posts: 19,568	interesting read