The future of check flying

[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!