upersleder

dont get caught not knowing whats going on.....check this out.

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

phox_mulder

Ya, my bank took it a step further and implemented it this week.

Oops.

Won't be doing that again.


phox

dodgeram

and the problem with this is what ???

I've never written a cheque when the money wasn't there, never will

I'm suprised cheques even exist anymore, what with atm's and convienence cards and all.

natstayl

Banks shouldn't have to file checks and return them to the consumer, I would prefer using a debit card instead, so I do whenever I can. Reduces time everywhere except the pharmacy (because they don't have enough datalines and phonelines to do all they have to do).
However I do write a check for Ebay purchases and from time to time when I buy something from an individual instead of a retailer. In those cases I use checks that have carbon copies. I highly recommend them, there's always a copy you can keep on file.

doomgaze

In 5 years of having a checking account I think I've written maybe 2 checks. In fact, I'm still on the free trial set of checks they give you.

Using a debit card is just so much faster and easier. I only keep the paper checks around for the oddball place that doesn't accept plastic. With debit cards the funds are deducted right away so if you don't have it you can't spend it.

With very few places not accepting plastic anymore it was only a matter of time before paper checks were phased out anyway.

Shovelhead

The part of this that I find interesting is that the bank has been "floating" my deposits for years.
I didn't see any new legislation that would require them to credit my account for a cash deposit immediately.
It's always at the END of the next business day.

What's good for the goose...............

MikeyB

I do online bill paying. No more checks and even more important, no stamps!

MikeyB

natstayl

You know you're RIGHT. Time to make a change there too. After all, we make our deposits during biz hours too at least most of the time.

upersleder

well the floating thing is just something people HAVE to do to survive sometimes. in our household, my wife and i both work, i work full time, plus do side work. some families dont have the luxury of living comfortably, thats just a fact, and there are alot more of them than the people that dont have a problem with money. just once when we go somewhere for a needed weekend away i want to do it without first deciding what bill not to pay that month or which meals we can skip while we are gone and after we get back.

the most important part, if you read down that far, was to watch your account, because the "e-check" can go thru, then someone can screw up and send the paper check, with the electronic part of the transaction already deleted, teller #2 can take the money out again. so if you have enough money to cover other peoples mistakes, ignore my posting.

MCMLV

For those few times when a "pinch" is on, overdraft protection is also one of the posibilities. It will cover the "slip up" without the "full" cost of the "bounce"

natstayl

Yes, You're right upersleder. I won't go into detail here, but Teresa and I have been there, done that. Robbing Peter to pay Paul so to speak. Our two surviving children are now grown with their own families, so it's easier on us (a little) compared to then, but my advise is not to continue to float checks. If your monthly debt exceeds your combined monthly income plus maybe 15% for unexpected expenses, it could be time to seek financial counsel.

Dodgezilla

I've also never written a check without the $$$ being there. Once I write a check that money is gone no matter how long it takes someone to cash it. It happens here at work all the time where a check is used to pay for purchases and then the check bounces. The customer says " Man, I was wondering why my balance was so high". These people don't even use the register to keep track of their money! They rely on their memory...

CanuckCTD

I had to write a cheque for $0.75 on the Kansas Turnpike while I was driving a 5 ton moving truck from Florida back to BC. My own fault for spending all my cash at the gas station but you'd think they would have taken some form of plastic or check card.

Haulin_in_Dixie

I'll give you one problem. You get a check and deposit it on friday. It does not hit the bank accounting until 2:00 pm on monday or tuesday. Now you can't use the money and really don't know when the bank credited it.

bdramsey

Excellent point HID.

Folks welcome to the next stage in our cashless society. We go to wal-mart they tear up our check, I don't even bother writing it out, I just fill in the space on the duplicate. We goto lowes and Home depot, they get an electronice copy of our signature. See the banks are not stupid, they are already going to lose enough money because most folks will quit bouncing checks, but then again there are hard heads too. They bank is just alleviating some of thier losses by holding onto deposits as long as they legally can. I use a credit union, and that makes a humongous diffrence, when I deposit the money , it is there, immediatly, not 2 or three days later.