Don't Forget Starting Thursday Checks Clear Same Day - GoFuckYourself.com

KRL · 10-25-2004, 01:06 AM

Thursday banks begin clearing checks digitally. They no longer need the physical check to debit your account.

Checks will be able to clear the same day you write them, sometimes within minutes after you write them.

So if you write a big check in the morning thinking it will be covered by a large deposit later in the day, it doesn't work that way anymore.

The money has to be there ahead of the check now.

I can't wait to see this in action. Banks are going to make a fortune on NSF fees and account balances are going to be all messed up til people get used to this new era of banking.

xenigo · 10-25-2004, 01:08 AM

Holy shit. That's gonna create some problems for a lot of people. lol

rowan · 10-25-2004, 01:10 AM

Is this only for paper checks or will we also have realtime verification for online check payments?

Varius · 10-25-2004, 01:10 AM

Cool, we might be getting closer to real-time e-check processing then

Alltopnotch · 10-25-2004, 01:10 AM

a check can be cleared just minutes after you write it? how is that supposed to work...how is the bank supposed to know you just wrote a check lol...

Marcus Aurelius · 10-25-2004, 01:11 AM

Quote:

Originally posted by Varius
Cool, we might be getting closer to real-time e-check processing then

That would kick so much ass.

KRL · 10-25-2004, 01:11 AM

Quote:

Originally posted by xenigo
Holy shit. That's gonna create some problems for a lot of people. lol

If you write someone a $10K check and they go and deposit it in their bank and you're thinking it'll be ok because you're depositing a $15K check before 2PM, the typical cutoff point and it will all sync at midnight (the old way) those days are gone.

stocktrader23 · 10-25-2004, 01:13 AM

Quote:

Originally posted by Varius
Cool, we might be getting closer to real-time e-check processing then

It's really silly this isn't widely available now. Even the little computer store in town automatically debits your checking account as soon as they get a check from you. They run it through and hand the check right back to you.

Varius · 10-25-2004, 01:13 AM

Quote:

Originally posted by Alltopnotch
a check can be cleared just minutes after you write it? how is that supposed to work...how is the bank supposed to know you just wrote a check lol...

I think he means if the person you wrote it to cashes it immediately, it will try and take the cash right away or bounce....

KRL · 10-25-2004, 01:14 AM

Quote:

Originally posted by rowan
Is this only for paper checks or will we also have realtime verification for online check payments?

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.

This new concept came about because on 9/11 when the FAA shut down the air transport system the banks couldn't clear checks because all the checks were stuck on planes.

Varius · 10-25-2004, 01:14 AM

Quote:

Originally posted by stocktrader23
It's really silly this isn't widely available now. Even the little computer store in town automatically debits your checking account as soon as they get a check from you. They run it through and hand the check right back to you.

I've had some companies promising it for 2 years now...."we expcet it to be available next month"....

WiredGuy · 10-25-2004, 01:14 AM

Is this a national standard that's taking effect or is it up to each bank now to determine what kind of time frame to process a check?

WG

stocktrader23 · 10-25-2004, 01:15 AM

Quote:

Originally posted by Varius
I've had some companies promising it for 2 years now...."we expcet it to be available next month"....

You would thing that for the amount of money involve dthey would have been all over it. Silly stuff.

fr33s3x · 10-25-2004, 01:16 AM

that would be nice.

Varius · 10-25-2004, 01:17 AM

Quote:

Originally posted by stocktrader23
You would thing that for the amount of money involve dthey would have been all over it. Silly stuff.

Perhaps the banks weren't ready to jump in on the idea....thinking they'd lose fees on returns? I don't see any other reasons to not do it....

KRL · 10-25-2004, 01:17 AM

Quote:

Originally posted by WiredGuy
Is this a national standard that's taking effect or is it up to each bank now to determine what kind of time frame to process a check?

WG

Nationwide new system. The major banks already have systems in place. The smaller community banks have something like 6 months into 2005 to get the new system implemented.

Babagirls · 10-25-2004, 01:17 AM

thanks for the heads up. i didnt
know this was happening---you
just saved me alot of NSF fees!

lol

Magg · 10-25-2004, 01:19 AM

so its basically like using a debit card now, lol

Manowar · 10-25-2004, 01:19 AM

Awesome

KRL · 10-25-2004, 01:20 AM

Quote:

Originally posted by Babagirls
thanks for the heads up. i didnt
know this was happening---you
just saved me alot of NSF fees!

lol

They certainly aren't doing a good job of notifying the public about this.

I'm totally amazed since this completely changes the nation's entire method of check clearing and will impact everyone with a checking account.

KRL · 10-25-2004, 01:21 AM

Quote:

Originally posted by Magg
so its basically like using a debit card now, lol

Yep, you have to think like that now.

Marcus Aurelius · 10-25-2004, 01:21 AM

Quote:

Originally posted by KRL
They certainly are doing a good job of notifying the public about this.

I'm totally amazed since this completely changes the nation's entire method of check clearing and will impact everyone with a checking account.

They want people to find out the hard way. it means millions for them.

Magg · 10-25-2004, 01:24 AM

Quote:

Originally posted by KRL
Yep, you have to think like that now.

I dont even have checks

Drake · 10-25-2004, 01:29 AM

A hacker is going to make a killing on this.

Seriously, it's going to be a nice change, except for the fees we're going to be seeing because of it.

LiveDose · 10-25-2004, 01:30 AM

It will be interesting to see banks try and say that payments will still post in 3+ days....lol

rowan · 10-25-2004, 01:30 AM

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.

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

KRL · 10-25-2004, 01:33 AM

Quote:

Originally posted by LiveDose
It will be interesting to see banks try and say that payments will still post in 3+ days....lol

They kept the deposit laws intact. So they can still float your deposit money legally.

Babagirls · 10-25-2004, 01:36 AM

Quote:

Originally posted by KRL
They certainly aren't doing a good job of notifying the public about this.

I'm totally amazed since this completely changes the nation's entire method of check clearing and will impact everyone with a checking account.

yea, you'd think our banks would
have had the courtesy of sending
us out a note or something.

but then again, they wouldnt make
NEARLY enough money then, fuckin
banks.

Rutopls · 10-25-2004, 01:49 AM

Wow - Misinformation at its finest. The proposition is called Check 21, I recommend that if you are really interested you Google it and read.

It does NOT require banks to do anything. It merely changes the law to allow banks to use electronic replacements. Plenty of banks will not use it, some will find it a god send.

I have been dealing with this mess for the last few months because I run websites that sell check paper and MICR toner.

My major check manufacturer was having a pain dealing with it, because it does NOT require change, so they were trying to save money by not testing things. I finally got them to give me a list of which ones were compliant and which ones werent, as a majority of the anti fraud technology in the checks are used to defeat scanning and this new way is to scan the check in.

For a short read try the Federal Reserve Board:
http://www.federalreserve.gov/paymen...on/default.htm

a small quote to prove the point:
The law does not require banks to accept checks in electronic form nor does it require banks to use the new authority granted by the act to create substitute checks.

Rutopls · 10-25-2004, 02:00 AM

Actually let me correct myself it DOES require the recieving bank to accept the check imaging method if the bank who has the check chooses to send it that way....

The biggest impact of this is that you will not be able to get your original checks back, and it has some changes in how fraud and recredits are handled.

V_RocKs · 10-25-2004, 02:05 AM

This will not make a check clear immediatly. My fucking debit card payments can take more than a day to go through, you think a check will be faster? And if it did go through in 10 minutes, then so would my deposit and since I am not a shitfuck who lives week to week it will be me who gets the benefit not the bank.

smack · 10-25-2004, 02:08 AM

that's word.

KRL · 10-25-2004, 02:31 AM

Quote:

Originally posted by Rutopls
Wow - Misinformation at its finest. The proposition is called Check 21, I recommend that if you are really interested you Google it and read.

It does NOT require banks to do anything. It merely changes the law to allow banks to use electronic replacements. Plenty of banks will not use it, some will find it a god send.

I have been dealing with this mess for the last few months because I run websites that sell check paper and MICR toner.

My major check manufacturer was having a pain dealing with it, because it does NOT require change, so they were trying to save money by not testing things. I finally got them to give me a list of which ones were compliant and which ones werent, as a majority of the anti fraud technology in the checks are used to defeat scanning and this new way is to scan the check in.

For a short read try the Federal Reserve Board:
http://www.federalreserve.gov/paymen...on/default.htm

a small quote to prove the point:
The law does not require banks to accept checks in electronic form nor does it require banks to use the new authority granted by the act to create substitute checks.

LOL, ok you think the major money center banks are not going to take advantage of a law that lets them save billions of dollars?

Wake up, who do you think got the law written in the first place? Bankers are as bad as lawyers when it comes to thieving and manipulating the laws for their financial gain.

beemk · 10-25-2004, 02:36 AM

Quote:

Originally posted by KRL
Banks are going to make a fortune on NSF fees

Quote:

Originally posted by KRL
They certainly aren't doing a good job of notifying the public about this.

Rutopls · 10-25-2004, 02:38 AM

Oh I know it will come about, it is actually the next logical step for check processing and is far behind in coming about.

The costs in terms of implementing this new solutions are quite high though, and out of reach for the community credit unions and smaller banks. As long as they dont convert over the large banks will still get stuck dealing with the paper trail. They already will save large chunks of money because they wont have to return the paper checks to the consumers or even keep them in storage for any amount of time. Internally they can scan them and then destroy the originals.

I know this just from talking to the banks I service as customers. The software we sell allows banks to make starter checks for thier customers, and we have smaller branches and credit unions that order all thier supplies from us. In talking to them 90% of them didnt care if the checks they were ordering were check 21 compliant at this time.

What I called misinformation is that it will all happen on Thursday, it will be years before this becomes fully implemented throughout the US.

KRL · 10-25-2004, 02:45 AM

Quote:

Originally posted by Rutopls
Oh I know it will come about, it is actually the next logical step for check processing and is far behind in coming about.

The costs in terms of implementing this new solutions are quite high though, and out of reach for the community credit unions and smaller banks. As long as they dont convert over the large banks will still get stuck dealing with the paper trail. They already will save large chunks of money because they wont have to return the paper checks to the consumers or even keep them in storage for any amount of time. Internally they can scan them and then destroy the originals.

I know this just from talking to the banks I service as customers. The software we sell allows banks to make starter checks for thier customers, and we have smaller branches and credit unions that order all thier supplies from us. In talking to them 90% of them didnt care if the checks they were ordering were check 21 compliant at this time.

What I called misinformation is that it will all happen on Thursday, it will be years before this becomes fully implemented throughout the US.

Are you an adult webmaster?

Rutopls · 10-25-2004, 02:49 AM

I do some adult, but most of my money now comes from the mainstream sites. My new wife didnt like the adult work so I moved to branch out mainstream.

I still keep up with the boards, mostly because the adult community is on a higher curve as far as web related marketing and such, I always look to learn wherever I can

10-25-2004, 01:06 AM	#1
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	Don't Forget Starting Thursday Checks Clear Same Day Thursday banks begin clearing checks digitally. They no longer need the physical check to debit your account. Checks will be able to clear the same day you write them, sometimes within minutes after you write them. So if you write a big check in the morning thinking it will be covered by a large deposit later in the day, it doesn't work that way anymore. The money has to be there ahead of the check now. I can't wait to see this in action. Banks are going to make a fortune on NSF fees and account balances are going to be all messed up til people get used to this new era of banking. __________________ 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

10-25-2004, 01:10 AM	#4
Varius Confirmed User Industry Role: Join Date: Jun 2004 Location: New York, NY Posts: 6,890	Cool, we might be getting closer to real-time e-check processing then __________________ Skype variuscr - Email varius AT gmail

10-25-2004, 01:10 AM	#5
Alltopnotch Confirmed User Join Date: May 2004 Location: Oakland Posts: 2,845	a check can be cleared just minutes after you write it? how is that supposed to work...how is the bank supposed to know you just wrote a check lol... __________________ WANT A FREE LAPTOP?

10-25-2004, 01:14 AM	#12
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,482	Is this a national standard that's taking effect or is it up to each bank now to determine what kind of time frame to process a check? WG __________________ I play with Google.

10-25-2004, 01:16 AM	#14
fr33s3x Confirmed User Join Date: Apr 2003 Posts: 5,064	that would be nice. __________________

10-25-2004, 01:08 AM	#2
xenigo Confirmed User Industry Role: Join Date: Jan 2001 Location: Oakland, CA Posts: 8,067	Holy shit. That's gonna create some problems for a lot of people. lol

10-25-2004, 01:10 AM	#3
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	Is this only for paper checks or will we also have realtime verification for online check payments?

10-25-2004, 01:17 AM	#17
Babagirls Text Writer Join Date: Feb 2001 Location: Wisconsin Posts: 18,812	thanks for the heads up. i didnt know this was happening---you just saved me alot of NSF fees! lol __________________ Need a Text Writer? Blogs\|Reviews\|Descriptions\|Paysites\|TGP's\|Stories ICQ: 397892500

10-25-2004, 01:19 AM	#18
Magg Confirmed User Join Date: Feb 2004 Location: ICQ: 132497047 Posts: 4,467	so its basically like using a debit card now, lol

10-25-2004, 01:19 AM	#19
Manowar jellyfish Join Date: Dec 2003 Posts: 71,528	Awesome

10-25-2004, 01:29 AM	#24
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	A hacker is going to make a killing on this. Seriously, it's going to be a nice change, except for the fees we're going to be seeing because of it.

10-25-2004, 01:30 AM	#25
LiveDose Show Yer Tits! Industry Role: Join Date: Feb 2002 Location: Somewhere Out there... Posts: 25,792	It will be interesting to see banks try and say that payments will still post in 3+ days....lol

10-25-2004, 01:49 AM	#29
Rutopls Confirmed User Join Date: Aug 2002 Posts: 199	Wow - Misinformation at its finest. The proposition is called Check 21, I recommend that if you are really interested you Google it and read. It does NOT require banks to do anything. It merely changes the law to allow banks to use electronic replacements. Plenty of banks will not use it, some will find it a god send. I have been dealing with this mess for the last few months because I run websites that sell check paper and MICR toner. My major check manufacturer was having a pain dealing with it, because it does NOT require change, so they were trying to save money by not testing things. I finally got them to give me a list of which ones were compliant and which ones werent, as a majority of the anti fraud technology in the checks are used to defeat scanning and this new way is to scan the check in. For a short read try the Federal Reserve Board: http://www.federalreserve.gov/paymen...on/default.htm a small quote to prove the point: The law does not require banks to accept checks in electronic form nor does it require banks to use the new authority granted by the act to create substitute checks.

10-25-2004, 02:00 AM	#30
Rutopls Confirmed User Join Date: Aug 2002 Posts: 199	Actually let me correct myself it DOES require the recieving bank to accept the check imaging method if the bank who has the check chooses to send it that way.... The biggest impact of this is that you will not be able to get your original checks back, and it has some changes in how fraud and recredits are handled.

10-25-2004, 02:05 AM	#31
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,409	This will not make a check clear immediatly. My fucking debit card payments can take more than a day to go through, you think a check will be faster? And if it did go through in 10 minutes, then so would my deposit and since I am not a shitfuck who lives week to week it will be me who gets the benefit not the bank.

10-25-2004, 02:08 AM	#32
smack Push Porn Like Weight. Industry Role: Join Date: Mar 2002 Location: Inside .NET Posts: 10,652	that's word. __________________ Cry havoc and let slip the dogs of war.

10-25-2004, 02:38 AM	#35
Rutopls Confirmed User Join Date: Aug 2002 Posts: 199	Oh I know it will come about, it is actually the next logical step for check processing and is far behind in coming about. The costs in terms of implementing this new solutions are quite high though, and out of reach for the community credit unions and smaller banks. As long as they dont convert over the large banks will still get stuck dealing with the paper trail. They already will save large chunks of money because they wont have to return the paper checks to the consumers or even keep them in storage for any amount of time. Internally they can scan them and then destroy the originals. I know this just from talking to the banks I service as customers. The software we sell allows banks to make starter checks for thier customers, and we have smaller branches and credit unions that order all thier supplies from us. In talking to them 90% of them didnt care if the checks they were ordering were check 21 compliant at this time. What I called misinformation is that it will all happen on Thursday, it will be years before this becomes fully implemented throughout the US. Last edited by Rutopls; 10-25-2004 at 02:42 AM..

10-25-2004, 02:49 AM	#37
Rutopls Confirmed User Join Date: Aug 2002 Posts: 199	I do some adult, but most of my money now comes from the mainstream sites. My new wife didnt like the adult work so I moved to branch out mainstream. I still keep up with the boards, mostly because the adult community is on a higher curve as far as web related marketing and such, I always look to learn wherever I can