More screwing of normal folks-Check 21 goes into effect Oct 28!

[Ruby Romaine]

(snip)
However, people who live paycheck to paycheck, playing the "float" between bill-paying time and payday, might find that their quick- clearing checks are now bouncing like SuperBalls. And traditionalists who pay extra to get those original checks back each month will now find the "substitute check" copies - or no originals at all.

http://www.rockymountainnews.com/drmn/business/article/0,1299,DRMN_4_3224920,00.html

It will save banks millions, but more people on the edge will go bankrupt.

[MercutioATC]

1. "Screwing"??? It's just a technological advance.

It's officially against the law to float checks, anyway.

Sorry, I don't see it as "screwing" anybody except people who are irresponsible with their finances.

[Ruby Romaine]

2. it will hurt people who live paycheck to paycheck-

many people I know are struggling to keep a roof over their heads.
It's not a matter of financial responsibility when so many jobs pay so little & so many people work 2, 3 or 4 jobs.
Many jobs in my area don't pay a living wage.

[MercutioATC]

3. They're still breaking the law by floating checks...

They may be "hurt" by this, but only because they were illegally benefiting from the float. That's hardly something to get upset about.

[Skittles]

9. nice compassion there

you sound like a freaking republican

[DavidFL]

5. Uttering a bad check requires intent

not if you know the money will be there at the time you write it but something happens where the funds aren't there to cover it when the payee presents the check to the drawer's bank for payment. Otherwise, a lot of people would be sitting in jail for bouncing a check. Conversely, when it's the bank's error that causes a check to bounce, should the bank be prosecuted? No, mistakes happen sometimes. However, the standard for a customer to hold the bank liable for erroneously denying a check on presentment is higher then when it's the customer's fault.

Not everyone is fortunate enough to be able to maintain extra funds in their checking account so they never have to worry about bouncing checks; which, by the way, have become increasingly difficult for poorer consumers to obtain because of Chex Systems, thus their reliance on check cashing services that take up a chunk of their earnings in fees which checking account holders don't have to pay. Sometimes they do have to rely on the float time hoping that their paycheck is deposited and credited to their account in between the time they write a check and it clears their bank so they don't end up paying late fees on their bills, getting evicted because of late rent payments, etc. They have no intent to stiff their creditors, they're simply hoping that the money is there by the time the check gets there. I thought that this site being called Democratic Underground meant people here would have more compassion and understanding for the particular circumstances that other people live with, especially those living hand to mouth. But sometimes I wonder.

[MercutioATC]

6. But it IS utterance if the money isn't in the account when the check

is written. That's the issue here.

[AmandaRuth]

4. it will be a boomtime for those check advance places.

One of the older ladies i work with at the petshop uses these services all the time, she sees nothing wrong with fulltime adult workers making $8.50 an hour - she is very fundy religious and is voting boosh, of course. She should have a chapter named after her in the Whats the Matter with Kansas book, which I am about half way thorugh and a great book. When I get some free time, I intend to post some passages from the book here, it is just dead on about the state of the pollitical system, why people consistantly vote against their own interests.

[sabbat hunter]

7. direct deposit

most businesses, even small ones, now offer direct deposit. you can even approach your bank about it, if your business doenst offer it.
direct deposit is great because the funds are immediately avaiable on payday, so there is no worry about 'float'
and businesses save because their employees dont have to deposit or cash their checks anymore. (banks for business accounts charge the business for each transaction, but with no checks being depostied or cashed there is a savings)

so if you are, or know someone that is among those that live paycheck to paycheck, using the float, tell them to look into direct deposit. that way the new regulations will not affect them at all.


peace
david
:hippie:

[sabbat hunter]

8. kick

KICK