New Check Law

"William W. Plummer" wrote in message
news:11ebd.234388$MQ5.433@attbi_s52...
BTW, that's why I never "sign" into the automated checkout machines --
once you permit a digitized version of your signature to exist, you can
never refute you signature.

But anyone who has your physical signature can trivially scan it to create a
digitized version. (That's how I get instructors' signatures into my
all-electronic logbook, for instance.)

--Gary

William W. Plummer wrote:

It used to be that you wanted the actual canceled check back with the
signature on the back so you could use it as proof that the recipient
cashed the check. A photograph of the check wouldn't serve because the
signature must actually cause physical changes to the paper for
authenticity. BTW, that's why I never "sign" into the automated
checkout machines -- once you permit a digitized version of your
signature to exist, you can never refute you signature.

The CHECK21 law provides the legal basis for a properly produced
substitute check to be used where the real cancelled check could
have been used. What constitutes legal signature has been broadened
to other than ink on paper for some time now.

What makes you think your signature hasn't been digitized even
when you limit it to paper? As a matter of fact, it's almost
certain that is has been in today's banking system.

Gary Drescher wrote:


But anyone who has your physical signature can trivially scan it to create a
digitized version. (That's how I get instructors' signatures into my
all-electronic logbook, for instance.)

Does this mean that P-51 time is now Photoshop 5.1 time (in lieu of Parker 51).

On the other hand any checks YOU received have immediate funds
availability
as well.

I hope this is true.

My bank has changed hands FOUR times since 1997. Each time, their check
handling has gotten ever slower. It is at the point now where deposits take
up to 7 days to "hit" my account -- which I find to be totally unacceptable.

If this law changes that, it is an excellent change.
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

My coal-mining/textile manufacturing parents prepared me by insuring I
went
to school.

You had excellent parents. I know an awful lot of guys back in my hometown
who thought they'd be working at the Clausen Works (J.I. Case's tractor
plant -- at one time, the world's largest) until they died.

The Clausen Works now sits entirely vacant.

Education is the key.
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

"Jay Honeck" wrote

deposits take
up to 7 days to "hit" my account -- which I find to be totally
unacceptable.

If this law changes that, it is an excellent change.
--
Jay Honeck


And you are still with them, why?
--
Jim in NC


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"Robert B." wrote in message .

Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

--
Jim Fisher

Jim,

Actually, what you're referring to has nothing to do with the new law.
The
new law was written post-911 when the grounding of all the aircraft
prevented a lot of checks from being transferred to the appropriate banks.
The new law gives electronic copies of checks the same validity as the
physical check. It allows a receiving bank to electronically transmit
your
check to your bank for payment. It still takes a bit for the check to
make
it to the first bank, then scan it in, and do the transaction with your
bank.

What you're talking about is done by several stores now. The device that
the check is run thru does not scan the whole check, but only the numbers
along the bottom of the check. What you're basically authorizing is an
electronic funds transfer from your bank to the store just as if you used
an
electronic bank card. You're not required to allow this, you can ask the
store to accept the written check instead of going the transfer route.

I see what you are saying and that agrees with
http://www.windowsfs.com/articles.asp?ID=425

But this stuff has been publicized as a "new" technology. I saw it in
Popular Mechanics so it must be true.

--
Jim Fisher

And you are still with them, why?

Inertia.
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

2 or 3 years ago, my wife and I had this done at 1 place, 1 time.
Perhaps it was a test, the situation has never repeated. This is
Greenville SC. We use a credit union, so it was not a bank test
restricted to the store and us using the same bank.

I've wondered about it since, and wish I could remember where it was.


What you are talking about here has nothing to do with the new law, thats
just an electronic transfer. The new law has to do with transferring your
check from the bank where it is deposited to your home bank via electronic
media.

"Jim Fisher" wrote in message
. ..

Y'all ain't getting it.

This is a new process where you write a check, the cashier scans it in
seconds, then gives you back your original check.

--
Jim Fisher

Not true. You're confusing it with an ACH transaction. Check 21 authorizes
banks
to distribute funds based on a transmitted image of the check instead of the
actual
paper check.