Mntsnow
09-29-2004, 7:34 AM
Say goodbye to writing a check a day or two before you actually deposit the money to cover it.
A new law taking effect just before Halloween to speed paper checks clearing among banks will erase our time-honored "float" forever — meaning funds will be withdrawn from your account in a matter of hours, not days.
And the change is expected to trigger millions of bounced checks — costing customers up to $30 apiece — according to banking regulators and consumer advocates. Read more at NY Post (http://www.nypost.com/business/30971.htm)
A new law taking effect just before Halloween to speed paper checks clearing among banks will erase our time-honored "float" forever — meaning funds will be withdrawn from your account in a matter of hours, not days.
And the change is expected to trigger millions of bounced checks — costing customers up to $30 apiece — according to banking regulators and consumer advocates. Read more at NY Post (http://www.nypost.com/business/30971.htm)