Quote:
Originally posted by stocktrader23
Won't that also allow instant check clearing for online purchases? Sounds like a winner to me. I don't write checks anyhow.
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Online already does debit instantly and no physical check is involved in that transaction.
What they are talking about here are how banks are required to handle checks that get mailed to people. The way they do it now is they get sorted, then sent to a central processing facility, then all the checks drawn on a particular bank are boxed and sent to that bank, then that bank either sends the physical checks back to you or just stores them for you.
This would end that requirement.