Black People : Floating Checks

Discussion in 'Black People Open Forum' started by CarrieMonet, Sep 16, 2004.

  1. CarrieMonet

    CarrieMonet Well-Known Member MEMBER

    Joined:
    Dec 26, 2003
    Messages:
    1,244
    Likes Received:
    14
    Occupation:
    Love my job!
    Location:
    Seattle
    Ratings:
    +15
    As of 28 October it will no longer be possible to flaot a check. A new law goes into effect on 28 October and all checks will be cleared electronically within minutes... even at night, even on weekends. If payday is Monday and you write a check at Macy's on Saturday assuming it won't clear before your paycheck is in you will be wrong-that check will BOUNCE. And you will be charged overdraft fees.
    Be aware of what you are doing and the effect it could have on your credit rating or career. Make sure funds are available before you write a check.
    This is called "Check 21" and it allows retailers to scan your check through a machine that deducts the cash within minutes. It's essentailly the end of the paper check system, as well, because the check will eventually be destroyed. There will be an image of the check online and that will serve as proofif you need it. Everything is becoming electronic, and the bank will know right away if a check is good right away. So, be prepared to move to an electronic bill pay system. What about checks that you deposit? Well, the float is no longer available to you, the customer. But the bank will still hold a deposit for a few days to make sure it clears. It's not fair, but it's the way it's happening.

    Official Link -Checks
     
  2. Destee

    Destee destee.com STAFF

    Country:
    United States
    Joined:
    Jan 22, 2001
    Messages:
    34,792
    Likes Received:
    8,985
    Gender:
    Female
    Location:
    betwixt and between
    Ratings:
    +9,686
    Thanks for sharing this Sister CarrieMoney ... as i read the article my mind went to the scripture in the Bible that speaks of the 666 and it being required in order for us to buy / sell.

    Several times within the article they mentioned the benefits that banks would receive as a result of this new system, actual dollar savings regarding how they deal with customer accounts ... but no savings or benefits for the consumer.

    Considering the fact that consumers outnumber banks, i find it surprising that they can get away with this so easily. It's the first i've heard of it and it's already "law."

    Almost makes one want to not deal at all with banks, checks, money ... but then you don't get to eat or nuth'n. Hmmmm ... yep ... moving toward the famed 666 it seems.

    Thanks again for sharing Sister.

    :heart:

    Destee
     
  3. toylin

    toylin Well-Known Member MEMBER

    Joined:
    May 17, 2004
    Messages:
    1,195
    Likes Received:
    17
    Occupation:
    Security Guard
    Location:
    Michigan
    Ratings:
    +17
    Well, you know they started testing that fingerprint setup in certain small cities in the Southeast. All of your information is connected to your fingerprint.. credit cards, bank accounts, everything. Want to buy groceries? Scan your fingerprint. Need to rent a car? Scan your fingerprint. And, they're discussing/testing those computer chips... When I find the links to the articles, I'll post them, unless someone else finds them first. This is it, y'all. The mark of the beast is real.......
     
  4. panafrica

    panafrica Well-Known Member MEMBER

    Joined:
    Aug 24, 2002
    Messages:
    10,227
    Likes Received:
    191
    Location:
    The Diaspora
    Ratings:
    +194
    666=necessary credit score....think about it!
     
  5. toylin

    toylin Well-Known Member MEMBER

    Joined:
    May 17, 2004
    Messages:
    1,195
    Likes Received:
    17
    Occupation:
    Security Guard
    Location:
    Michigan
    Ratings:
    +17
    True.. they DO say your credit score should be over 600 to be considered decent..... Ooh, dang..... :jawdrop:
     
  6. CarrieMonet

    CarrieMonet Well-Known Member MEMBER

    Joined:
    Dec 26, 2003
    Messages:
    1,244
    Likes Received:
    14
    Occupation:
    Love my job!
    Location:
    Seattle
    Ratings:
    +15
    That is deep, and I never even connected the two.
     
Loading...