28 October it will no longer be possible to float a check.

[AnIndependentTexan]

As of 28 October it will no longer be possible to float a check.

http://www.consumersunion.org/finance/ckclear1002.htm

Check 21 is sweeping new federal law that takes away your ability to get back your original paper checks. Under this law, consumers will be more likely to bounce checks and may find themselves paying higher bank fees. The complicated new law gives you some rights, but those rights depend on a variety of factors, including how the merchant and the bank decide to process your check.

[lfs5]

1. KNOW WHEN your bank actually credits deposits!

WP says a check at the store resgister could clear your bank before you get home, if the merchant or business is using the electronic transfers allowed by this legislation--WalMart is specifically mentioned--and they say banks are expected to make an extra $170-million a month in overdraft fees--fees that, of course, come out of the pockets of those who can least afford the loss and lack the political power to fight back--the working poor and the elderly, as well as the many middle-class families surviving from pay check to pay check.

Another great piece of legislation reflecting the Christian values of "compassionate conservatism".

[tritsofme]

2. Moral of the story

Don't write checks for money than is available in your checking account.

[VolcanoJen]

3. I received the "Check 21" notice from my bank.

After October, the check-kiting party is over.

Not that I ever participated in such illegality, of course. }(

Still, I'm irked. The pressure to switch over to this new "return-checkless" system is bothering me...