<< <i>Looks like the "need" for a 10-14 day hold might be a thing of the past. >>
Not likely to happen real soon. For one thing, the changeover to electronic image processing ain't going to happen overnight and, for some smaller banks, may never happen at all. For another, Check21 does not guarantee an increase in the speed at which a check clears. In some cases, it will clear more quickly, in other cases it will not. There is no way for the recipient to know that one way or the other.
Any merchant who suddenly thinks it's automatically safe to ship right away after receiving a personal check is being foolish.
Is this connected. There a a few stores in my area where you give them a check, they run it through the cash register, then hand your check back to you. BINGO. No more bad checks for the store.
I will eventually reduce the amount of time I hold checks once I'm convinced the system works and that I can be sure a check has actually cleared in a shorter amount of time.
<< <i>Is this connected. There a a few stores in my area where you give them a check, they run it through the cash register, then hand your check back to you. BINGO. No more bad checks for the store. >>
No, they are using something called "e-checks", which go through the Federal Reserve's electronic Automated Clearing House (ACH) system, which is sort of a streamlined wire transfer system. It's the same system used by Social Security, and some employers, to deposit benefit or paychecks directly to someone's bank account.
Comments
I thought I mighta shoulda included that one ALSO, but then thought ...
PLEASE don't make me type the WHOLE brochure my bank sent me
<< <i><STRONG>"Another poll option might be, What's Check21?"
</STRONG>I thought I mighta shoulda included that one ALSO, but then thought ...
PLEASE don't make me type the WHOLE brochure my bank sent me
Then scan it.
09/07/2006
<< <i>Looks like the "need" for a 10-14 day hold might be a thing of the past. >>
Not likely to happen real soon. For one thing, the changeover to electronic image processing ain't going to happen overnight and, for some smaller banks, may never happen at all. For another, Check21 does not guarantee an increase in the speed at which a check clears. In some cases, it will clear more quickly, in other cases it will not. There is no way for the recipient to know that one way or the other.
Any merchant who suddenly thinks it's automatically safe to ship right away after receiving a personal check is being foolish.
Russ, NCNE
Jerry
<< <i>Is this connected. There a a few stores in my area where you give them a check, they run it through the cash register, then hand your check back to you. BINGO. No more bad checks for the store. >>
No, they are using something called "e-checks", which go through the Federal Reserve's electronic Automated Clearing House (ACH) system, which is sort of a streamlined wire transfer system. It's the same system used by Social Security, and some employers, to deposit benefit or paychecks directly to someone's bank account.