New tactic to get $

[Liaah]

I just received a bill from an unsecured loan I have out with Chase (who just recently bought it from Bank Of NY) won't they be happy they did that? It states in very fine print that after June 2007 any payment I make by check to them will be converted into a one time electronic funds transfer from the account # on my check. The funds will be debited as soon as the same day they receive payment.

At first I thought it said they would set up an automatic electronic funds transfer forever but then I reread it and it says a one time transfer. They are getting sneakier by the minute. But, I have no intention of making anymore payments so...

[wayne-o]

i dont think that they are doing it to be sneaky Liaah, thats just the way a lot of places process checks now. I go to several stores that when i write a check they run it through an electronic reader and give me my check back

[sofarindebt]

They do it at Walmart now too

My mom actually gets angry, and says why didn't I just use my debit card then? What a waste of a check............

[BKTango]

Most companies have taken on this way of processing checks for a while now. Our mortgage company has been doing it, cingular does it, nearly ALL of our local stores do it. It all started here about 2 years ago. It does get your irritated when you waste a check and your time filling it out just to have it handed back at you at the store. Most are doing this to make it so you pay your bills online, or in person...and always pay with cash,credit, or debit. They want a checkless society. I might as well bite the bullet and get a debit card.

[jal1129]

Yeah, here I have noticed as they are building new stores and remodeling old stores they are taking away the area where you write the check at the register. So if you want to write a check there is no place to put down your checkbook and write it out.

[Minnymouth]

Yes, the days of the paper check are coming to an end..............AND if in the future you need a "copy" of a check, it will cost you $10.00 each for them from your bank...............money making ideas for the banks!!!!

Some places you write your check, but you don't get it back from the bank either because the company you wrote it too does the electronic transfer thing..... you never see you check again (guess it goes to "check heaven" - huh)...... But if you need a copy of the check to prove you paid them - it'll cost you $10.00 every time.....

When filing bankruptcy you need all the cancelled checks etc, if you are audited...... can you imagine what it would cost to produce all those???

Personally, I want my checks back, I paid for them, they don't need to go into someone "trash" that doesn't shred!!!!!

I've gotten to where I like cash just fine, and I let "them write a receipt" for it!!!

[spell]

I see this as a non-event.

A check at a basic level is authorization for someone to get money from your bank account.
This electronic transfer is authorization for someone to get money from your bank account.

[BKOnce]

Get Digital Print

For paperless banking, all you guys need is to e-bill/e-pay any amount, then see/view/print all your e-check online ,and save copy for later purposes without incurring any $10 fee at all. So simple as 1-2-3!? Most banks keep all your e-statements online when you logged in to see for up to one year (i.e., bank of america).