Flt Express

[buckdanny]

Like I said on another board

natural selection:

Function: noun
Date: 1857
"a natural process that results in the survival and reproductive success of individuals or groups best adjusted to their environment and that leads to the perpetuation of genetic qualities best suited to that particular environment"

I guess the future will tell who will survive the changes

 

[CMH Floater]

Re: Flight Express Blues

ALL banks in this country will be in FULL COMPLIANCE with Check-21 no later than October/2004. Meaning ALL check flying will cease to exist in LESS THAN 11 MONTHS.

You are so dumb.

 

[wingnutt]

Re: Flight Express Blues

short of agreeing with the above posters use of terminology...

ALL banks in this country will be in FULL COMPLIANCE with Check-21 no later than October/2004. Meaning ALL check flying will cease to exist in LESS THAN 11 MONTHS.

...i definately cannot agree with this, nice try though

 

[CMH Floater]

AirNet Systems, Inc. Supports Passage of Check Truncation Legislation

Thursday October 16, 5:29 pm ET


COLUMBUS, Ohio, Oct. 16 - AirNet Systems, Inc. announced today it is pleased that the check truncation legislation, known as Check 21, has successfully passed both chambers of the U.S. Congress. It will now be forwarded to President Bush to be signed and is expected to be enacted into law.


A key provision of the legislation was recently approved in conference committee. It brings more transparency and disclosure regarding issues of costs and revenue attributable to commercial check transportation. The agreement was reached between AirNet and the Federal Reserve following several months of discussions. Based on this amendment, the Federal Reserve will be required to disclose transportation costs and revenue in its annual report annually for the next 10 years. The effective date of this legislation is twelve months following its enactment into law.

Joe Biggerstaff, Chairman and Chief Executive Officer of AirNet Systems, Inc. stated, "This legislation moves the industry closer to a level playing field for all providers of check transportation. It will treat transportation the same as check collection, which makes the entire payments system more efficient and accountable. We applaud the efforts of those in Congress who insisted on full and fair disclosure of these matters. Additionally, we appreciate the cooperation extended by the Federal Reserve to help resolve important issues in this legislation."

Mr. Biggerstaff added, "The language of this legislation will bring forth new and exciting opportunities for all participants in the nation's payment system. We are aggressively proceeding with implementation of our business strategy and look forward to the enactment of this legislation."

 

[capndan]

Airnet has been a major lobbying giant to congress to NOT pass the Check-21 legislation. Why do you suppose Airnet would spend so much money to stall/prevent this new law?

Before you assess my interpretation of Check-21, please take the time to research same.

The very last paragraph of "H.R. 1474" states that ALL banks will be in compliance with electronic imaging within 12 months of the bill being signed into law by the "president". Well, "W" signed this into law last month (October).

Wells Fargo Bank is currently 100% electronic. Bank Of America has been training it's transportation staff to make the changeover.

Fifth Third Bank has already informed Flight Express that 50% of it's processing will be electronic as of December 1.

Check-flying is dieing on the vine. I've got an "insiders view" of the coming mandate.

But hey, that's just me. I've only been at FE for five years and am in daily contact with it's banking customers. What do I know?

Again, might pay to actually RESEARCH the law and it's implications before you dismiss these opinions. After all, that's all it is...my opinion.

This Check-21 law might actually be good news for you freight dogs that have the appropriate time. The airlines will have no choice over the next few years but to REDUCE their hiring minimums.

Anyway, good luck to all of you. I wish it weren't so...but denial aint a river in Egypt.

 

[starchkr]

CAPNDAN....

Actually Airnet has been behind this legislation the entire time. We actually support it's passage and added our own amendment which was accepted by the legislature. We were the ones who added the part about the FED being required to disclose its transportation costs to everyone in their reports. Why do you say we were against it? Maybe he who preaches should head their own advice first. Look, electronic or not, there will always be a need for check haulers. Although the transfer of "cash" will be handled electronically there still must be a hard copy of the transaction on file at the issuing and receiving bank... which leads to transportation needs. While a great deal of the banks will use this system, not all will because as of right now it is extremely expensive for this electronic transaction process to take place, and the smaller banks will pay more for this new processing than they will for the old check in hand method. Now yes there will be some smaller companies that if they do not evolve their services they will go the way of the Do Do, but the larger ones will be just fine. As for Airnet, we are evolving to a more specialized medical and express package service company to offset the slow down in the check business. Others will do the same. I am not too up to par on how FEX is doing, but i bet they will survive.


Jeff...

Hey, paint those birds up real nice and maybe we will buy ya. Then you can have a shot at our lears Be nice wouldn't it. Hey drop your resume over here and i'll give you a reccomendation. We should be doing some hiring here real soon. I know of a few that just got on. You might have to fly the 58 a little while, but at least you can upgrade to something a little bigger (and faster). We could probably even get you closer to home.

 

[capndan]

B]Although the transfer of "cash" will be handled electronically there still must be a hard copy of the transaction on file at the issuing and receiving bank... which leads to transportation needs.[/B]

You obviously have NOT read and understood the law. The PIVOTAL PROVISION of Check-21 that disproves your "theory" is the "SUBSTITUTE CHECK". It may also be referred to as an "Image Replacement". Essentially a facsimile of your original check with the same legal authority. (Again, research the actual bill) Original checks (the actual paper) will no longer be FLOWN to the fed, etc. After they are electronically archived they will either be TRUCKED at the banks convenience, or SHREDDED.

The clock is running. Remember...October/2004. That's the day ALL banks large and small will be in full compliance. Remember, it's a LAW, not an alternative.

The Government Accounting Office is to issue an impact study on Check-21 five years after full implementation. In other words, the GAO will release it's cost/benefit analysis of Check-21 in October/2009. Just what do you think the GAO will be studying? This law will save the banking industry BILLIONS per year in transportation costs.

Chicken Little I aint...but the sky IS falling. Of this I'm certain. And, yes...you can "take it to the bank".

 

[starchkr]

You know i have never been one to sit here and argue on this board, but i must inform fellow checkers of the need for check haulers past 2004.

Capndan...

Again, i must say heed your own advice... word for word off the Federal Reserve web site " the law DOES NOT require banks to accept checks in electronic format NOR does it require banks to use the new authority granted by the act to create substitute checks." This actually says that the act only grants them the authority to process checks this way, but NO they do not have to be done electronically. This means that there will still be a need to transport "paper" to its destination over night.