Checks going away?

[208starcheck]

Question for anyone that is well educated in this area.

Working for a company that flys about 65% checks I have watched the progress of the Check Truncation Act closely. Does anyone know which government web site contains up to date info and where it is in that site? I know it's getting close to becoming a reality but I can't find anything on the web, only the occasional (once every 6 months) newpaper artical.

Thanks

 

[HAZ-MAT]

Check your Co-Mat from last night, there's a two page article included. Cheers

 

[uscpilot]

Are we supposed to read that stuff? All I do is grab my paycheck, and throw the rest of that stuff away. I guess that is why my manuel, and ops specs are over two years out of date, and all my enroutes have turned to dust.
usc

 

[HAZ-MAT]

You're the reason that we had a memo about the 20-1's not being done... Bad bad! Always has to be a rebel in the group.

 

[Mason]

What can you all tell someone about how your company is reacting to this? I assume that a company of that size has diversified to some extent but having 65% of the business in the financial/bank/check area still leaves a big hole if the check flying disappears over the coming years. Just curious because I have aspirations of working for this company.

 

[Publishers]

then

In the seventies, we actually looked at buying what was the predessor of Airnet. At the time, the chairman said that he thought checks were going away soon. 30 years later??

 

[icefr8dawg]

Heard on NPR tonight

This evening on Npr's "All things considered" I heard press that President Bush signed legislature today to do away with physical check transportation. The legislation apparently allows reserve banks to do things electronicially.

I suppose check flying is going to go the way of domestic software development and US steel production. Not good news for AirNet, BankAir, etc...

To bad, I really enjoy flying checks.

 

[metrodriver]

Maybe the banks are finally catching up with the rest of the world? I have seen the european system where you never get a check back and the money is electronically transfered, for at least the last 20 years. If you need to send someone money you fill out a little paper slip with your and the recipients bank account#, drop it in the bank's mailbox and everything goes automatically from there, no checks to mail. Utility bills are either automatically withdrawn, or you get a preprinted form on which you have to put your signature and bank account # and you drop that in the mailbox at your bank. Checks are very outdated, almost nobody uses them anymore, yet the use of credit cards is not so widespread as in the US, people use thier bankcard more (like a debitcard, immediate money transfer) or use the chipreaders (ever wondered what those copper strips are for on some bank / credit cards?). You go to your bank and charge a cetain amount onto the chip, and stores, waitresses, parking meters etc withdraw the amount due. When your card is empty, you will have to recharge your card again. This system is safer than cash or credit card since you have normally only small amounts on this card. If you lose it or it gets stolen, it will not make a big dent in your wallet if it is fraudulently used.
It will be a bad day for the small freight carriers in this country, but it will save the economy a lot of money when that checkflying and processing will seize.