Check 21
Federally mandated changes in the way that banks process checks, referred to as “Check Clearing for the 21st Century Act” or “Check 21,” will take affect on Oct 28. These changes could affect you. Namely, “the length of time between when a check is written and when the amount is debited from the account the ‘float’ will lessen. Consumers, then, will likely bounce more checks as the processing gets quicker.”
Read more about the changes at the following websites:
WorldNetDaily: Banks canceling canceled checks
Check 21: New law ends checking traditions
Frequently asked questions about Check 21
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Sep 24th, 2004 at 10:20:44
UGH. I don’t really want to read about my work on your website! haha
I just sat through a long meeting concerning this very thing the other day.
UGH
Sep 24th, 2004 at 10:32:19
doesn’t bother me
I don’t write checks, specifically because it does take too long for them to clear. Debit Card all the way!
Sep 24th, 2004 at 10:44:55
I agree on the debit card. In fact, I had a “scary” experience about a year ago, where my wallet got stolen, so I didn’t have any cash and credit/debit cards. Driving home that night, I needed gas, but I didn’t know how to get any money to pay for it! I was so used to just swiping my card, or stopping by an ATM to withdraw some cash, neither of which I could do. Made me realize how much I depend on it!
Sep 24th, 2004 at 12:37:06
Yeah I don’t think this will really affect me any. I only write checks when I am mailing a payment or sending someone money. But I do keep some cash with me. I’d suggest that everyone does that to some extent. I read something somewhere saying that you should keep $100 in cash somewhere “just in case.” I can’t really imagine ATM not working here, but in Kenya that was a concern. There were several times when they wouldn’t work for days (neither would the internet). I’m not sure I can keep that much cash around, but I think it’s good to have some on hand somewhere in case your wallet or purse is stolen, as we can learn from Chris’ experience.
Sep 24th, 2004 at 17:05:09
As long as you have the money in your account, then it shouldn’t matter. I won’t write a check without the money in the bank to cover it. Same with a credit card.