Went to the bank, found out about some interesting changes coming...

[Shockwave]

Went to the bank today, its a friendly bank and I'm there often enough they know me fairly well and are nice. Was talkin with an account rep and she was talking about a new checking system coming out that process's checks nearly instantly. So, seems that 2 or 3 days of float time ona check is going to be a thing of the past. She also told me that companies can now resubmit a bounced check as many times as they want, and incur a 30 dollar insufficient funds charge every time they do it. Used to be a limit fo 2 resubmits.
Interesting changes. No more float time on checks for those last few days before payday, and unlimited resubmits which could give you service cahrges right into bankruptcy.

 

[Mr N8]

Everyone is required to be able to at least accept electronic images as substitutes for checks by this fall (Sept, I think). Processing time will be 1 day at most for checks. Good thing for banks, bad thing for thieves.

 

[Ogg]

Originally posted by: Shockwave
She also told me that companies can now resubmit a bounced check as many times as they want, and incur a 30 dollar insufficient funds charge every time they do it. Used to be a limit fo 2 resubmits.
....unlimited resubmits which could give you service cahrges right into bankruptcy.

:shocked:

 

[pyonir]

my checks to citibank and Chase already process in one day. The money comes out of my account the day they open the envelope.

 

[Shockwave]

Originally posted by: MogulMonster
Everyone is required to be able to at least accept electronic images as substitutes for checks by this fall (Sept, I think). Processing time will be 1 day at most for checks. Good thing for banks, bad thing for thieves.

The lady i spoke to said October, but I'm sure roll out time will vary.
I can see both a good side and down side. On one hand, for the honest people who come up short those last few days before payday, its nice to be able to float a check till payday and not have to worry about it. On the other hand, it allows theives to be caught much quicker. But the point is, if they are going to steal, either way they've walked off with the goods, be it a 1 day processing time or 3 or 4 day processing time.

 

[crab]

Bad thing for the little airlines like BankAir that run checks around in the middle of the night.

 

[Shockwave]

Originally posted by: Ogg

Originally posted by: Shockwave
She also told me that companies can now resubmit a bounced check as many times as they want, and incur a 30 dollar insufficient funds charge every time they do it. Used to be a limit fo 2 resubmits.
....unlimited resubmits which could give you service cahrges right into bankruptcy.

:shocked:

Yeah, figured it'd be a good heads up to those people who frequently try to float a check for 3 or 4 days. You gonna have problems doin that soon......

 

[Viper GTS]

If you rely on a 2-3 day window you aren't managing your money well in the first place.

I've never used checks, so this really has no impact on me.

EXCEPT that any checks I receive will post faster.

Sounds good to me.

Viper GTS

 

[Pantoot]

Bad thing for people who like to look at copies of their cancelled checks.

 

[cyclistca]

Welcome to Canada. 😀 Our check system has been like that for years.

Gee do you guys still cook on open fires?

Well I'm off to fix my dog sled.

 

[OutHouse]

Originally posted by: Ogg

Originally posted by: Shockwave
She also told me that companies can now resubmit a bounced check as many times as they want, and incur a 30 dollar insufficient funds charge every time they do it. Used to be a limit fo 2 resubmits.
....unlimited resubmits which could give you service cahrges right into bankruptcy.

:shocked:

Originally posted by: Viper GTS
If you rely on a 2-3 day window you aren't managing your money well in the first place.

I've never used checks, so this really has no impact on me.

EXCEPT that any checks I receive will post faster.

Sounds good to me.

Viper GTS

No that is a bad thing. I had an incident happen last year where my mortage company fat fingered something in processing my mortage check. Instead of typing in $1,100.00 they typed in $11,000.00. They processed the bounced twice. Sure we got it cleared up when the mortage company called, but our bank refuesed to drop the ISF charges. so our mortage company ate them.

Now with this new system and no limit on how many times they can processess a check i can see where there could be thousand and thousands of dollars racked up. That is just wrong and i bet it will be challenged in court.

I have never floated a check. however when I was in the military, floating checks to buy groceries at the base comminsary is everyday business a few days before payday. Those people will be hurting.

 

[Grey]

I despise the banks for the INSF charges. Seriously it doesn't cost them $30.00 to come back and say the bank account doesn't have enough funds. I once bounced three checks due to poor math but the other party submitted twice and I ended up with some $360 in charges. Thankfully I never bounced checks before and the bank gave me a credit for that.

This and how you pay a convenience charge for using someone elses ATM on top of your bank charging you. It's BS.

 

[bockchow]

wasn't "floating" a check technicaly a felony anyway? i work retail and thats what my boss always tells me anyway.

 

[Shockwave]

Originally posted by: Viper GTS
If you rely on a 2-3 day window you aren't managing your money well in the first place.

I've never used checks, so this really has no impact on me.

EXCEPT that any checks I receive will post faster.

Sounds good to me.

Viper GTS

You sir, are a lying fvck.

 

[Legendary]

Anyone who relies on floating checks better stop it ASAP, the bank I work at is already processing checks way way way faster than normal - 5-10 day out of state checks are coming in 3-5 days, 3-5 in state checks come in even faster, sometimes next day. You wouldn't believe how many times I've heard "Wow that check cleared already?" on people with INSF service charges.

 

[pyonir]

Originally posted by: Shockwave

Originally posted by: Viper GTS
If you rely on a 2-3 day window you aren't managing your money well in the first place.

I've never used checks, so this really has no impact on me.

EXCEPT that any checks I receive will post faster.

Sounds good to me.

Viper GTS

You sir, are a lying fvck.

😕

 

[Viper GTS]

Originally posted by: Shockwave

Originally posted by: Viper GTS
If you rely on a 2-3 day window you aren't managing your money well in the first place.

I've never used checks, so this really has no impact on me.

EXCEPT that any checks I receive will post faster.

Sounds good to me.

Viper GTS

You sir, are a lying fvck.

Where the hell did that come from?

😕

Viper GTS

 

[Shockwave]

Originally posted by: pyonir

Originally posted by: Shockwave

Originally posted by: Viper GTS
If you rely on a 2-3 day window you aren't managing your money well in the first place.

I've never used checks, so this really has no impact on me.

EXCEPT that any checks I receive will post faster.

Sounds good to me.

Viper GTS

You sir, are a lying fvck.

😕

Soemtimes events happen which are COMPLETELY beyond your control. I budget decently well, enough to stay out of the hole thats for sure, because I DESPISE those damnedable overdraft fees.
While we were on vacation, I checked our balance. I had basically stripped it except for enough to cover what was pending and a few bucks left over. When I checked it, it said -284. Now, -284 doesnt happen from a frickin clerical error!
Ended up my wifes paycheck bounced. You wanna see a set of messed up finances, have a PAYCHECK bounce. Now one would say "Well, her boss cant budget!". Wrong again to those narrow minded idiots. One of her bosses checks had bounced! Tes, we were floating checks for a few days till I got my paycheck and took care of the whole shebang.
See the cascade effect here? Because some yokel I dont know cant buidget, writes a bad check to a company which in turn causes THEIR account to go insufficient *I* end up with a negative balance. And this is due to poor money management? Please.
People are so narrow minded and ignorant, they sometimes fail to realize people and actions completely beyond their control can turn right around and bite them in the ass and REALLY play hell with your finances.

 

[Viper GTS]

Originally posted by: Shockwave
Soemtimes events happen which are COMPLETELY beyond your control. I budget decently well, enough to stay out of the hole thats for sure, because I DESPISE those damnedable overdraft fees.
While we were on vacation, I checked our balance. I had basically stripped it except for enough to cover what was pending and a few bucks left over. When I checked it, it said -284. Now, -284 doesnt happen from a frickin clerical error!
Ended up my wifes paycheck bounced. You wanna see a set of messed up finances, have a PAYCHECK bounce. Now one would say "Well, her boss cant budget!". Wrong again to those narrow minded idiots. One of her bosses checks had bounced! Tes, we were floating checks for a few days till I got my paycheck and took care of the whole shebang.
See the cascade effect here? Because some yokel I dont know cant buidget, writes a bad check to a company which in turn causes THEIR account to go insufficient *I* end up with a negative balance. And this is due to poor money management? Please.
People are so narrow minded and ignorant, they sometimes fail to realize people and actions completely beyond their control can turn right around and bite them in the ass and REALLY play hell with your finances.

How does that make me a "lying fvck?"

Sh!t happens, it always has & always will. In the end, how much did that situation end up costing you? If anything it would be easier to deal with under fast processing, you would have known sooner that her paycheck bounced (and not written checks towards that balance).

Besides, ever hear of an e-fund? Protect yourself! For the VAST majority of people, being one bounced paycheck away from writing bad checks is a symptom of poor money management. Not to say that I haven't been there myself, but it's still my own damn fault if one bad check brings down my balancing act.

I still stand by my original post.

Viper GTS

PS - Look into some anger management courses before you kill someone.

 

[Shockwave]

Originally posted by: Viper GTS

Originally posted by: Shockwave
Soemtimes events happen which are COMPLETELY beyond your control. I budget decently well, enough to stay out of the hole thats for sure, because I DESPISE those damnedable overdraft fees.
While we were on vacation, I checked our balance. I had basically stripped it except for enough to cover what was pending and a few bucks left over. When I checked it, it said -284. Now, -284 doesnt happen from a frickin clerical error!
Ended up my wifes paycheck bounced. You wanna see a set of messed up finances, have a PAYCHECK bounce. Now one would say "Well, her boss cant budget!". Wrong again to those narrow minded idiots. One of her bosses checks had bounced! Tes, we were floating checks for a few days till I got my paycheck and took care of the whole shebang.
See the cascade effect here? Because some yokel I dont know cant buidget, writes a bad check to a company which in turn causes THEIR account to go insufficient *I* end up with a negative balance. And this is due to poor money management? Please.
People are so narrow minded and ignorant, they sometimes fail to realize people and actions completely beyond their control can turn right around and bite them in the ass and REALLY play hell with your finances.

How does that make me a "lying fvck?"

Sh!t happens, it always has & always will. In the end, how much did that situation end up costing you? If anything it would be easier to deal with under fast processing, you would have known sooner that her paycheck bounced (and not written checks towards that balance).

Besides, ever hear of an e-fund? Protect yourself! For the VAST majority of people, being one bounced paycheck away from writing bad checks is a symptom of poor money management. Not to say that I haven't been there myself, but it's still my own damn fault if one bad check brings down my balancing act.

I still stand by my original post.

Viper GTS

PS - Look into some anger management courses before you kill someone.

I have to look into a gun before I kill someone. And the one I want isnt available till 2005. I *might* be calmed down by then 😉

Its was just your blanket, Holier then thou statement that rubbed me wrong. Shyte happens thats out of our control that can burn us. In the end, it cost me a helluva lot more then I wanted to pay. I think it was right around 100 bucks all said one done. Understandably, I'm not impressed by the situation. On the other hand, your right. Faster processing times in my opinion will be fantastic. Thats the main reason I use my debit card, it shows up almost instantly. Being honest, I too have occasionally been a tank a gas away from bouncing, but its my own fault, or more precisely, my owm memory. I sometimes forget a purchase or check, which ends up playing hell with my balance. With a fast processing, I can look at my online balance, compare to what I have and see if I have forgotten anything.

PS: In case I'm not calmed down by 2005, Bradruth is purchasing a truama plate. Might talk to him as to where he got it. And since I'll be packin Leupold, get a helmet too. 😛

 

[dullard]

Things going through my mind:
1) The federal law states that this must be done my October (if I remember correctly). Some banks will do it earlier.
2) You will likely not get cancelled checks back - the legal proof that you paid. This sucks for the consumer since now you'll likely have to fork over a hefty fee to the bank to prove you paid a bill. Cancelled checks are being replaced with some form of check copies - which haven't been proven in court yet to be legal proof of payment.
3) Your paycheck/deposits will clear faster, so hopefully in many cases this will offset floating problems. The worst thing is waiting for your paycheck to clear.
4) You'll have very little time to stop payment on a check. In some situations it will be impossible to do due to the speed of check clearing. This is bad for the consumers.
5) This is yet one more reason to use a CC instead of any other form of payment. Assuming of course you are responsible enough to use one.

6) If you live paycheck to paycheck, then you need to manage your money better. One bounced paycheck shouldn't affect you at all. Yes this is an idealized goal - not everyone can achieve it. But if you aren't in that position, you need to rethink your lifestyle since ~99.9% of people can achieve that goal.

 

[Vic]

- "Floating" a check, or writing a check with insufficient funds in the account at the time of writing, has always been against the law.
- This will cut down on bank "batch" postings, where the bank doesn't post your checks in order received but instead posts the biggest checks first in order to bounce the largest number of checks and collect the most in NSF fees.
- Checks written to you will post faster, so no more BS from your bank about how your ADP payroll check will take 5 days to post to your account.
- If you're living paycheck-to-paycheck, you need to re-evaluate your finances and find some places where you can trim expenditures even if it means living tight for a time while you build up a cushion (should be minimum of 3 months expenditures, preferably more). It's not what you make, it's what you spend, and you can live without that $5 mocha every morning or can brown bag to work everyday if necessary. The secret to financial success is to spend less than you make. If can't do it with a smaller income, you won't do it with a larger income -- I see this time and again.

 

[Shockwave]

Originally posted by: Vic
- "Floating" a check, or writing a check with insufficient funds in the account at the time of writing, has always been against the law.
- This will cut down on bank "batch" postings, where the bank doesn't post your checks in order received but instead posts the biggest checks first in order to bounce the largest number of checks and collect the most in NSF fees.
- Checks written to you will post faster, so no more BS from your bank about how your ADP payroll check will take 5 days to post to your account.
- If you're living paycheck-to-paycheck, you need to re-evaluate your finances and find some places where you can trim expenditures even if it means living tight for a time while you build up a cushion (should be minimum of 3 months expenditures, preferably more). It's not what you make, it's what you spend, and you can live without that $5 mocha every morning or can brown bag to work everyday if necessary. The secret to financial success is to spend less than you make. If can't do it with a smaller income, you won't do it with a larger income -- I see this time and again.

So true. Its funny, people make X amount, go get a new job making sufficiently more then X was, and STILL cant save a damned dime. My father said it best to me. Your standard of living will ALWAYS adjust to your level of income unless your very financially aware. And yes, I too see it time and again.

 

[RossMAN]

Who writes checks?

The ONLY check I write is for rent, because they don't accept credit cards (unless I pay CitiBank $6.95/mo for the convenience).

Everything I do is online:
1) Direct deposit.
2) Transfer funds between my ING Direct and savings account online via ACH.
3) All my banks offer online banking, even my small rinky dink 1 branch credit union. I just paid off my Amex CostCo the whole whopping $25.02 balance. It took me about 1 minute to do this, most of the time was waiting for the slow ass web sites.
4) Again online banking. Whenever I pay my CitiBank, Chase, and other cc's I'll either pay through their web site or my bank's.
5) Ok I'm a broken record but did you know that onilne banking exists? I can pay my electric, cable, cell phone, home phone, satellite TV, etc. through the intarweb.

True some people still write checks at grocery stores (a major pet peeve of mine).

That felt good to get out of my system, how much do I owe ya? I'll pay you via online banking 😉

 

[pyonir]

I still write checks for my credit cards, car loan, and utilities. I just prefer to do it that way. I never use them anywhere in person though.