The future of check flying

[TheDogsBollocks]

Hey Guys,

Anybody with an opinion or knowledge of the future of flying cancelled checks in the "wild black yonder"? With the increase of online banking by all the banks I would suspect it will be going the way of the Do Do!

If this appears to be the case I think a lot of pilot's are going to be in a world of hurt!

 

[CitationLover]

bag flyers

my bags keep getting bigger and bigger.......

 

[TheDogsBollocks]

Lucky boy!

 

[Oldfreightdog]

20 years ago the paperless office was going to put the papermills out of business and I was flying checks from JFK to YUL or YYZ in either a Cherokee 6 or an Aztec.

I flew the contract for 2 different companies at various times in my career.

Routes may change, combine, split, etc but I don't think the meeting of Fed deadlines via air courier it will ever go away.

Just my 2 cents...I'm no banking profitability analyst.

 

[210FR8DOG]

I've often thought that even though the technology is there, maybe it's just that no one has come up with an efficient, cost effective way to get rid of the check flying. Maybe once a big player like Bank of America sets a standard for another way of doing it, all the others will follow and we'll all meet at that truck driving school and drive the salaries down there, too!!! I continue to write as many checks as I possibly can. With the bills I have, I think I support my own 10 pound bag of checks to keep the flying goin'!!

Jeff

 

[starcheck1]

Just like all the VORs and NDBs were set to be phased out.....who knows when the checks will go away...not soon I hope. With the blackout in the Northeast I thought maybe this would scare a few away from electronic transfer of checks....a few dollars in interest would have been lost if we were not out flying as usual. It didn't look like any electrionic tranferring was happening over in New York city when I took off that night.

 

[Publishers]

Exist

It will go away when it does not benefit someone for it to exist. The technology has been here but there are some major players who get an advantage from it and so it continues.

 

[upndsky]

In most cases, the interest a bank pays on just ONE bag will cover the cost of flying it. I know this because I've flown my share of extra charters hauling just one or two bags when a courier was delayed and couldn't meet the regularly-scheduled run.

The overall bag counts may decrease (and I haven't seen evidence of that yet) but I don't see check flying going away soon.

 

[upndsky]

I meant to add this to my other reply, but the only real concern I see is the consolidation that occurs when banks merge. Processing centers close and instead of having two planes fly to two different locations, you have one plane flying all the work to one place.

 

[210FR8DOG]

Do any of you guys haul weird stuff too like promotional crap, posters, coffee etc. I hauled 4 big bags of Beanie Babies once!! They think I fly a C-5!! Freaks! And yes, my bags get bigger and heavier too. It's not going away soon. (I hope)

Fly safe,

Jeff

 

[starcheck1]

One box of mice last week...one kidney last month...

 

[uscpilot]

I have flown brochures, empty printer cartridges, and lots of porn. Just kidding

 

[cessna_driver2]

I unloaded a MU2 a few years ago down in RVS that couldn't make into TUL. They had live frogs on board.

 

[Tinpusher]

Check Flying Future

I got news for ya boys this game is changing and changing fast...this year the Federal Reserve will institute its first major check relay consolidation ever...closing and consolidating 13 check processing centers. Recently Congress passed a new electronic banking law that removes the requirement to process a paper receipt for the transaction. All our Fed contracts that were due last year were not rebid on the normal cycle...thats because the bank is waiting to see how the lift need decreases after the consolidation.
Lastly, dont forget that much of this business is done by FEDEX on the west coast. Gone tomorrow??? Nah! but going away yes

 

[100-1/2]

Congressional 'Mandate'

An amendment to Air21 Bill from a couple of years ago... Makes FED RES system "paperless" (electronic receipt) for all FED processed proofs BY 2008. Many (smaller) banks will continue using "in-house" clearance/processing between branches as well as financial documentation and even that propaganda like, water coolers, toner cartridges and yes, pornos, too! So not everyone will be out of a job.

LONG, LIVE, THE FREIGHT!!!

"silly rabbit, pax are for kids"


But, wait! There's More!!! IF, the DRAFT HILLARY Campaign is successful, there stands a chance she can get in there just in time to fcuk it all up and then there will be jobs galore! I like what someone spun on the tele the other evening and I thought of it in this manner:

A 121 Captain hits the grand 'ole '60' and must forfeit his seat to some young spunk. The passengers say to the captain, "Wait a minute, aren't you married to a 30 something bag of facial lifts?" "Well, surely since, she is married to you, she is quite capable of operating this Boeing 747-200 as well as you did, if not better?"

 

[ICTS]

Read the following:

http://www.federalreserve.gov/paymentsystems/truncation/default.htm

http://www.complianceheadquarters.com/Deposit_Ops/Deposit_Articles/check_truncation_II.html

http://www.consumersunion.org/finance/checkwc102.htm


http://www.eccho.com/cta1.html

http://www.tawpi.org/industry_news/11.html

http://www.frbatlanta.org/bankinfo.cfm

http://www.aba.com/Industry+Issues/ealertiii14.htm#a


And: "Truncation Bill Snagged on Fed Cost Disclosure"
American Banker, Vol. 168, No. 150 (Dated 6 August 03)

Basically, a Representative from OH (for those of you -- AirNet HQ's) inserted language in the bill requiring the Fed Reserve Board to "disclose its check transportation costs." The Fed doesn't want to do it, etc.

The bills are similar but NOT exact and reconciling the two may take time (or not).


There is quite a bit of information available on the "Check Truncation Act" or "Check 21." TAWPI even had a seminar over one-year ago about this "proposed" law.

It is interesting that this corresponds with the closing of 13 clearinghouses, including Miami (and many smaller locales). This was mentioned earlier. Do a search at the FRB website for the memo regarding the closings -- I think it was published in April '03??

 

[prodigal]

Checks are fine, so it film. But one night I show up at the counter to pay for my fuel and the gal says: "here's your placenta, along with the other hazmat." Geez I wish you hadn't told me that!