Bush to Sign Electronic Banking Bill

A bill awaiting President Bush's signature would allow banks to clear checks electronically, potentially slashing paperwork.

Under the legislation, banks will be able to approve digital images of checks rather than physically transport them between financial institutions.

The bill changes the current requirement that banks have specific agreements with other institutions to electronically process checks. Banks, customers and businesses that still want paper checks could request a substitute check, which has the same legal status as a regular one, to confirm the electronic transfer.

Bush was signing the legislation Tuesday in a White House ceremony.

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Well it was coming anyway. In the mean time if you are stretching that NEXT paycheck to pay some bills put a small rip in the bottom of the check where the access number and account number are. The Fed processing machine will kick it out and it will have to be processed manually, usually in a run later that night.It will give you another day and there is nothing wrong with it. We learned that on a tour of the Fed when I was in college in the mid -90's.

I always do the shopping the day before the night deposit goes through. I guess I never thought it was a big thing but it will be if I'm standing there at the grocery store looking like a fool/thief.

I'm happy I read this and now I know away around it. Yep yep.

They still get their money so it's okay. Jsut a tiny tear will do it.

sounds like an easy way to forge checks

It has nothing to do with forging checks (I didn't think) I it is your check.

put a pinhole in the numbering at the bottom. works the same way as a rip, but not as noticeable.

... and at first I was a bit skeptical. (Gotta have those REAL cancelled checks etc.)

But I can cross-check my outstanding/paid checks just as easily from the digital printout. And instead of having piles of loose checks, I put the printouts in a looseleaf binder.

Actually, quite a lot easier.

I actually like something that Bush signed into law. Maybe I'll start campaigning for him next. :)

:-)

Doubt it could be if he doesn't write checks himself.

if they haven't been exempted. This is because they will purposely "float" a check without the funds in the bank. Since they know exactly how long it takes for the check to clear, they will only move the funds at the last moment to cover the check. They do this in order to maximize the interest they are making on the funds.

Major corporations often have bill paying units located in Podunk, MS, for example, that often takes an extra day for the check to get to it's destination. (Of course, they also have the account receiveable units in places that have the fastest postal service in order to get the checks for bills into the bank as fast as possible.)

I'll lay give you only 1-9 odds that there is some kind of exemption in this bill for companies that float checks and no mercy for the consumer. That's a foregone conclusion.

Time to stop using checks, people. Cash all the way (just fry the RFID tags in the microwave, once they start inserting them into currency).