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Tuesday, June 05, 2007

Toward Paperless Banking

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At one time, I would write over 150 checks a year. Until a few years ago, that meant getting a fat envelope from my bank. No money inside, just a statement of my transactions and all the checks that I had written for that month. These days we're moving closer to a paperless society. Your bank will send you a monthly statement and nothing else.

Our checks have disappeared through the process of accounts receivable conversion. You haven't lost proof that you wrote a check. The banks are simply making an electronic image of your document while turning the check into a debt transaction. On your statement, your bank may label them "automated checks" or "authorized transfers" or simply "ARC". In any case, this is just the banks effort to speed up the transference of money. Instead of taking weeks for a check to clear, now it's just a matter of hours. Of course, there is an even faster way of transferring funds than electronic banking. It's called marriage.

6 comments:

Anonymous said...

LOL at your marriage comment. I thought you were going to say online bill pay or something like that. LOL

Anonymous said...

Ron-I'm curious about something. I know you are a Postie, and yet all of your posts have links in them. We are supposed to have regular, non-paid posts in between each PPP one. Or are your other linked posts not for PPP? Just wondering :)

Anon A. Mus said...

Lisa: Didn't see that ending coming, did you! LOL I'm trying to work on a more humorous writing style. Keep visiting and let me know if I succeed. :)

Elizabeth: I rarely write for PPP any more. In fact, my last post for them was two weeks ago. So to answer your question, some posts are free-lanced with other companies. Most posts are simply me sharing interesting sites that I've come across. I should tell you that you wrote a great comment! What grabbed my attention was "non-paid posts in between each PPP one." You had me wondering if PPP change their terms-of-service. So I've gone to read it and, sure enough, wonderful PPP has amended it without passing the word. So professional of them. Even though they've approved my few remaining unpaid, I've checked to make sure that those entries meet this new TOS. Nothing like changing the rules of the game without telling anyone. And they have been doing this since July of last year when I started with them. Oh well. By any chance, do you know when PPP changed their TOS to include competitors opps?

Anonymous said...

LOL, here I thought this was all serious stuff til your last line! The price of stamps is making me do more paying of my bills online.

Anonymous said...

How would they even know they were competitors ops?

Anon A. Mus said...

Karen: it was serious until I realize that it was too serious. We can't have any of that now, can we... LOL