Do you think the Check 21 system is Fair,,.. please read?

Question

It seam that the Check 21 system works only one way, and that is when it only benifits the business! They sure can make our checks clear when they want , but others like my credit card company says it takes 7-10 days for my check to clear,, I think this is garbage,, they want to create room for fault,, don't you think everone should have to play by the same rules?

It should work both ways!! Or get rid of Check 21--

DaMan you don't understand the truth , you are caught up in the fog ! Yes You are right in saying people wrote checks without funds,, you think thats what they really wanted to stop,, NO they made money off that people bouncing checks was a huge profit for banks,, so now they use check 21 to make money using it only when it helps them,, NOT using it when it may make them some money,,! U being a CPA don't see the dirty side of the industry ,, you just hit send on your pc and don't worry,, must be nice good for you! Also Many places don't except online payment,, they know they will get more money in late fees by not offering it! I do have online banking,, !! Bottom line check 21 is more than you think,, even worse most don't even know about it!

Answer 1

I think it should all be electronically done. I also think they do those things to benefit them and it is unfair to some circumstances. Especially, when you are making a large payment before going on vacation and then intent to use the card for your purchases and it takes 5 days to clear and you have very little money on your vacation. That happened to me and I was very, very upset!!!!

Answer 2

Shawn, calm down.

Check 21 is designed to deal with the trifling folks who willfully and knowingly write checks on funds that are not even available.

If you desire 24 hour clearance of your checks, you might want to try ONLINE BILL PAYMENT which is FREE with a lot of banks.

One -- it is faster -- by-passes manual processing which is more subject to human error . The bill will show as paid on the day you select ----> note that funds will be removed from your deposit account by that day as well!!!!

Two -- it is more secure (payment is less likely to get lost) and bank will assume responsibility for a "fiasco".

Three -- it is cheaper since you don't have deal with an envelope or licking a stamp.

In other words ===> TAKE IT TO THE NET!!!!

Answer 3

Yikes..............Check 21 is a Government Mandated program. It involves no more paper going back and forth to banks. It allows real check clearing to occur much faster. If it is a payroll check, or something like that it will clear right away. As for business, a bank will clear anyone's check right away as long as that person or business has enough on deposit or has a long stading relationship with the bank.
As for your credit card company, they are full of Shi..................
That is bogus and you should ask for their check 21 process in writing!!! Or file a written complaint. They are bound by law to respond to that since they are a Financial Institution.....

Answer 4

Banks always use the system to their own advantage, and lobby Congress for rules that favor them. Check 21 saves the banks money, but they have no intention of using it for your convenience or mine.

In another example, I have electronic transfer set up between my checking account at my credit union and my high yield savings account at another bank. Whenever I transfer money, it disappears immediately from the source account, then takes three days to show up in the destination accout--regardless of which direction the money is going. Guess who's earning interest on my money in the meantime?

Answer 5

Of course it is fair. No one is going to mandate check clearing times. You cannot force someone to rush their process if they don't have the capability. Avoid using checks and pay cash if you don't like it.