October 29, 2004 at 1:32 AM CDT - Updated July 3 at 12:30 AM
October 28, 2004--Posted 10:00 pm CDT
Jonesboro, AR--New changes to how federal banks process a personal check could be bad news for anyone who likes to play the personal check floating game.The process of charging your bank just became as fast as the speed of light.
In the past, checks were moved physically by plane or truck.Now federal banks and any other bank who wants can electronically move and receive checks.This could make a process that sometimes took days as quick as mere minutes.
Many local banks are taking a wait and see attitude towards the change.Unlike federal banks they’re not required to take part in the new act, but even these banks customers could see checks clear the bank faster than in the past.
“I think it is kind of bad.” Jonesboro resident Dan Corbet said. “Because a lot of people have written checks because they know it is going to take three to four days to clear the bank.”
While banks say they are not making any money off of the new procedure, estimates by the federal government says banks could save up to 8 billion dollars annually by moving the checks digitally instead of physically by truck or plane.