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

Re: New Electronic Check Law Sinks 'Float'

DevilsPGD (
Tue, 02 Nov 2004 18:01:17 -0700

In message <> Isaiah Beard
<> 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 <> Rick Merrill
<> 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?

Post Followup Article Use your browser's quoting feature to quote article into reply
Go to Next message: Neal McLain: "Re: What Happened to Channel 1?"
Go to Previous message: Lisa Hancock: "Re: How to Make The Right Call On Cell Plans"
May be in reply to: Lisa Minter: "New Electronic Check Law Sinks 'Float'"
Next in thread: Isaiah Beard: "Re: New Electronic Check Law Sinks 'Float'"
TELECOM Digest: Home Page