Future of Check Runs...

[Whirlwind]

A bank executive I know told me up to 8 years for everyone to be up and running with Check-21 implementation.

You might want to ask him about the law that says that by the end of 2007, all banks MUST be up and running with Check-21...

 

[ultrarunner]

He said it won't happen. It'll be delayed.

 

[Sig]

The key word is "compliance." Banks have to be ABLE to receive the check electronically, the law doesn't mandate that they must EXCLUSIVELY use it.

My wife is a junior muckety-muck at JPMorgan Chase, and it really is a non-issue whether to keep the paper. As long as it is cheaper to run the checks in a Baron (which will be for a long while to come), they will.

 

[GAcfi]

Georgia Bulldogs

Small banks have to get the checks to a machine as I understand it. We have a few more years. My buddies in two major freight com. can't find people to deliver these checks. Their hurting I'm just flying skydivers to get 135 or I would gladly apply. I'm working on it (hours) fellow's and any advice is appreciated.

 

[Vik]

Checks will be obsolete in 5yrs ...

Currently, banks in other countries don't even use checks anymore and depositing checks results in a HUGE penalty. The U.S. will eventually follow this trend because checks are just plain archaic in the world of eChecks, credit cards, wire transfers and online banking.

I rarely write checks anymore and I rarely receive checks anymore. All my bills are paid electronically in one way or another. Even my hanger rent is paid electronically.

Even businesses like Ebay that used to be cashiers check/money order have moved to services like Paypal.

Its only a matter of time before it happens on its own .. whether the lobby by the bankers association likes it or not. The public will stop using checks eventually.

Business owners adapt and 135 ops will eventually figure out another market for stuff to be hauled.

I'm currently in the position to buy a 135 operation with a bank run. At my bank (not the one that it flies for), they said they were going "online" in August and funds would be available immediately for deposited checks. Is this the end of the check runs? Anyone have an inside scoop? The operation also does people, but the check run provides much needed cash-flow. Thanks.

Let the rumor mill begin.

 

[Linetech]

we've come along way since then.