The future of check flying

[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!