TELECOM Digest OnLine - Sorted: Re: New Electronic Check Law Sinks 'Float'

Re: New Electronic Check Law Sinks 'Float'

DevilsPGD (devilspgd@crazyhat.net)
Tue, 02 Nov 2004 18:01:17 -0700

In message <telecom23.526.5@telecom-digest.org> Isaiah Beard
<sacredpoet@sacredpoet.com> wrote:

> I agree. It's going to be interesting. I have a check card and
> occasionally use electronic bill payment, but I used to prefer sending a
> check out in the mail to pay bills. Not because of float, but because I
> liked the idea that a physical, tangible paper copy of my payment was
> available, as well as a physical endorsement acknowledging receipt of
> payment on the same piece of paper, in case there was ever any dispute.

I use Visa for the opposite reason -- Lack of paper means I can
reverse any charge at a whim, and it's up to the merchant to produce a
signed paper or they'll eat the charges.

Makes life easier when somebody messes up something somewhere along
the line.

In message <telecom23.526.6@telecom-digest.org> Rick Merrill
<RickMerrill@comTHROW.net> wrote:

> DevilsPGD wrote:

>> Isaiah Beard wrote:

>>>>> IF these images were accessed it would give criminals access to an
>>>>> image of the customer's signature. Said criminal could then use a
>>>>> laser printer with 640 dpi resolution to print checks that would be
>>>>> indistinguishable from the photo check after a 240 dpi Scan!?

>>>> I'm curious, is there a requirement that the bank which accepted the
>>>> cheque store it for any period of time?

>>> Quite the reverse actually. If they send the check along
>>> electronically, then the original is destroyed.

>> Interesting -- So if I say I wrote a different dollar value on the
>> cheque, and the electronic copy isn't sufficient to provide proof one
>> way or the other, does the transfer of funds get reversed?

> Hopefully you have your record (or write once) copy. The thing is,
> would you notice if the check was changed from 10 to 100$? Many people
> do not check that closely. - RM

That's my point -- without the physical paper available it's likely
difficult (if not impossible) to prove that the cheque was modified.

====================

Who is General Failure and why is he reading my disk?

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