Future of Check hauling

[contactapp]

I always knew that in the future all checks would be transported electronicaly, according to this news story it could happen as early as 2004.
click here

I am very certin that all check flying will be over. Why would banks pay craploads of money to send these stupid IOUs when they can send them through the wire for a lot less money. I see no future in companies that have most of their money coming from transporting checks. Any thoughts on this?

 

[hyper]

I agree that someday, they will be obsolete. But I strongly disagree that it will be in the next 2 or 3 years. You have to realize that the public would have to be all "online" as well. There are still MANY people that do not own a computer, nor know how to operate one. Then you have people like me. I do almost everything on the computer. I conduct 99% of my business on the computer BUT, I pay all of my bills by check still. I like that cancelled piece of paper as proof of payment. Many people, myself included, do not like the idea of automatic withdraw from my their bank accounts. If I'm giving money, I want to give it myself.

Of course, I could be wrong. It's happened once before



Support your local freightdogg........pay with checks!

 

[contactapp]

You would still pay with paper check, but when the bank got the check they would convert it to digital and send it to the other bank.

"Banks aren't quite ready to get rid of paper checks altogether, but according to CNet's News.com, many banks are pushing for legislation that would scan checks into digital form as soon as they are deposited. The digital image of the check would be used to process the transaction and to settle accounts, and would serve as the only receipt for the payee. "

 

[hyper]

Guess it would help if I read the article, huh?

 

[conquest]

Cancelled Checkes

You are right on I give it a few more years, than people will be forced to go electronic. The mark of the beast 666.

 

[starchkr]

Well guys lets hope our charter dept goes the way of the fractionals here soon, and we will not have to worry about these darn little pieces of paper. Man isn't it nice to dream... especially after that businessweek article... whew, everything just sounds so negative right now. Oh yeah, by the way Hyper, CMH people (D.O. and flight dept. head) didn't even know the article was out there until i asked them what it was all about. Never really got a good answer, but they say everything should be just fine and that the guy who wrote it had nothing whatsoever to do with Airnet.

 

[contactapp]

Ya the article basically said: The stock price is lower than what the company is worth. Either Airnet meets expectations in the third quarter or one of two things will happen.
1. Some management would be fired.
2. The majority stock holders would close the company and sell off all our assets.

Anyone want some old Lear 35s all gutted out with 20000 hours only $200,000. But wait, only 30 left at this price. Act now!!!
P.S. We will throw in a old cargo baron with each purchase

 

[Publishers]

Reasons

One of the reasons that check hauling has been around so long is that it is a game played well by the bigger banks who wanted to assure that they got credit for funds faster than others.

The system was set up so if you went through the Fed system nomally you got credit in let's say two days. If you delivered it to the actual Fed city involved by midnight, you got credit that night.

Major banks played that system and will until it is no longer profitable. Even consumers try and play the float game and the banks try to beat that.

That is why it is still here, a good deal of self interest.

 

[King Nothing]

Yep, when the bank tells you the funds won't be available for ten days their feeding you a line.

 

[puddlejumper]

Re: Reasons

That is why it is still here, a good deal of self interest.

HAHAHA! Whew!, that's a good one! Self "interest", get it? Interest!?!? You got me rolling on the floor here. Man, I've got to get out more...

-PJ

 

[leardvr]

Ya the article basically said: The stock price is lower than what the company is worth. Either Airnet meets expectations in the third quarter or one of two things will happen.

Well when I started with AirNet it was the same way, when I left AirNet 2 years ago, it was the same way.

Is Jerry Still around? (I heard he was sick) I know that he doesn't run the place but he holds most of the stock. If he is, he isn't going to close the place, most of the stock holders there are current or former emploees with a great deal to lose. If you bought @ $20 you can't afford to sell at $5. It doesn't work like this; I'm the majority stock holder and the assesets are higher then stock value, "sell the planes" You see the "elected" board makes thise types of decisions. Not to say it couldn't happen tomorrow but the SEC would eat them up if they did it.

Anyway, I loved AirNet and if they used contract pilots I'd still do some flying for them.

 

[willi7]

This has come up before.. Debit cards, I believe were the last downfall of the check, but she's still here.. Technology has to be built, sold and working with little to no glitches as well as accepted by the consumer before checks go away. It will be a long time before the check disapears..

 

[310]

I'm not in the business but I think what will happen is the checks will be scanned and the image sent by wire- the transfer will be made- the checks marked cancelled either without them being moved or will be moved by slower and cheaper means(on the ground) and then returned to the writer. I have to believe the bean counters will find a way to cut out this cost-so we can all work retail or service jobs for $7.50 an hour. Just like my profession being moved out of country- making United States skilled people like me(CNC machinist) compete with third world employees living in a company or state owned dorm- sleeping in shifts etc. - of course they can work cheaper. At least some of the pistons for GA engines are being machined in Brazil!!! Manufacturing(including agri, power production etc) is what makes the economic pie grow- not buying some foreign made item that is sending our wealth out of the country.
Forgive the ranting. Buy made in the U.S. stuff- not just assembled here. Boeing yes, Airbus no.

 

[contactapp]

I agree 100% with what you said. Why should the banks waste tons of money flying the stuff when they can send it through the wire.It's only a matter of time.