Originally posted by: dmcowen674
Originally posted by: blackangst1
Originally posted by: dmcowen674
Originally posted by: palehorse74
Originally posted by: dmcowen674
Originally posted by: palehorse74
Originally posted by: dmcowen674
For example if you're plates are registered in New York and a police cruiser scans your plates in Florida it is automatically red flagged and a computer generated investigation begins into why you would be in Florida. It checks to see if there purchases related (Experian, Tansunion etc) for a trip to Disney World or a cruise etc and if there are relatives in the system etc.
If no reasonable reason can be found then an investigation automatically begins.
That's 100% unfounded Grade-A bullsh*t, and you damn well know it.
Excuse me.
I spent two years installing the system at every backbone hub in the country as well as at military installations.
Try again.
I don't care if you helped Gore invent the g'damn internet, you still fabricated the whole part about the system automagically data-mining and correlating financial transactions!
Please link to any system information backing up your claim... or did the Stargate Atlantis team forbid you to disclose the info again?
What do you think Check 21 is for?
Hint: It's not just for faster bank transactions.
It was also direct connected to Homeland Security for screening.
G'damn man.
PROOF OR RETRACT. Troll.
Reason for 10 days is so the bank never has to worry about re-crediting
What are the warranty and indemnity rights?
Check 21 is confusing. It gives you the remedy of a prompt right to recredit, but only if you were provided with a substitute check.
Check 21 also gives you some rights if a substitute check was used but not provided to you, but you can't insist on a recredit within 10 business days to enforce those rights.
Check 21 creates two warranties by the bank that creates the substitute check and by all later banks that transfer either the substitute check or a paper or electronic representation of it. The first warranty is a warranty (promise) that the substitute check is legally equivalent to the original check. The second warranty is that the check won't be presented for payment if it has already been paid (no double payment). There is also a limited indemnity when the consumer suffers a loss because a substitute check was used. The details of, and restrictions on, these rights are described in material posted by the National Consumer Law Center in the article, "Banks Will No Longer Return Original Cancelled Checks," posted at:
http://www.consumerlaw.org/initiatives/check21.shtml.
Why do consumers need the right of recredit?
Consumers can be harmed in several ways by the processing of an electronic image rather than the original check. First, both the paper check and the electronic image might be paid (double payment). Second, transferring the check back and forth between paper and electronic formats creates a risk that the amount on the paper check might be changed when it is turned into an electronic image for processing. Third, it may be impossible to prove that a check has been forged or altered without the original check. The switch to electronic imaging of checks means that the original check would not be held by the consumer or the consumer's bank. Instead, one of the other banks in the collection chain would have the original check. It is likely to take longer to find the check, and to get it back if it has not been destroyed, than if the consumer or the consumer's bank were holding it. A recredit right means that the consumer, not the bank, has the use of the funds while waiting to resolve the dispute.
When do consumers get a recredit right under Check 21?
Check 21 gives a recredit right only when a substitute check is used. The regulations take an even narrower view of this right, restricting it to only where a substitute check was provided to the consumer. Federal law on other types of electronic payments, such as debit card payments, gives consumers a more complete right of recredit.
How long will it take to get the disputed funds recredited?
The recredit must occur within 10 business days after the banking day on which it is requested, plus the bank gets one extra business day to make the funds available.
If the amount in dispute is more than $2,500, only the first $2,500 must be recredited in this time period.
Why didn't consumer groups support Check 21?
Consumers Union and other consumer groups believe that consumers should have a right to recredit for every check that is processed wholly or partly electronically.
Check 21 does not accomplish this, and it leaves open opportunities for new bank fees and new types of invasions of consumer financial privacy.
The Federal Reserve Board's regulations interpret the provisions of Check 21 very narrowly. Click here to read the comments filed by Consumers Union and other national consumer organizations about the problems with the proposed regulations on Check 21.
