The actual check is still the legal document. Financial institutions may be able to transmit facsimilies digitally""
I argued that with both of the banks I do business with.
The first institution that handles your check DESTROYS your check. Hence, if you pay your electric bill, their bank, where the check is processed first, destroys the check, after putting it "electronically" into the system.
I challenged this: What about fraud or embezzlement? Courts will only accept ORIGINAL documents. Their answer? The courts will have to accept the digital copies, because this is a Federa; :aw. I said that handwriting experts were only trained to work on original signatures, and they couldn't tell the same information when working with a 'Copy". They didn't seem to care.
I asked about checks misapplied, like to your credit card, where there is a 30+ digit code on the reverse which you need to have accurately and completely in order to straighten out a payment misapplied. (happened to me-took 8 mos to correct). They were rather cavalier.
More or less told me to get with the electronic age. They more or less said that everyone will have to do their banking online. I asked about the great number of states that had the power failure last year, and they didn't seem to get it. I said it was impossible to believe that there was no loss of data when that happened so quickly. They wouldn't discuss that. I asked about the number of people in the country who do not even have electricity. They looked at me like I was crazy, but less than 25 miles from where we were sitting, there are a number of homes which are off the power grid, and live on generators. There are lots of people who have electricity, but could give a rip about having a computer. All the Dems and sKerry can cry about is about how many people have been added to the pverty rolls, and now all the poverty persons are supposed to have and know how to operate computers?
JEEEEEZZZZ Give me a break. I have been unsuccessful in finding out who carried this bill in the USA Congress.
If anyone knows, please post here.
I general, I think there are going to be big problems with this system. Hundreds of jobs in the banking industry will be gone. Placing all your eggs in the computer age basket is irresponsible.
I have been unsuccessful in finding out who carried this bill in the USA Congress. If anyone knows, please post here.