“The float just sank.
As of today, any check you write may be posted — and the money deducted from your account — within a few hours.
Savvy consumers no longer can count on a delay of a day or two or three — the float — as a paper check moves through the banking system.
The speedup is a result of the new Check 21 law, which goes into effect today. It allows banks to make an electronic image of a check and send the electrons, not the paper, through the system. .”
Interesting stuff.
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I am screwed 😉
I work in the data processing center of a very small bank. It is going to take quite awhile for this to affect us out here in the boonies. We are somewhat behind the times and don’t have the equipment to handle this as of yet. But it is still a big change. Most people will not know how to pay their bills without using the float. I pay most of my bills automatically or through the internet so things won’t change much for me. As long as I will still have a job that is. 🙂
Eek. My boyfriend could be in big trouble with this. He regularly “floats” checks. Me, I’m paranoid. I never write a check if there’s not cash already in the account to cover it.
Damnit, it looks like I’m going to be redoing my finances. I’m a floating floater float. I figure hey, its like a free head start, you know? Gotta love jerking the system off every once in a while.