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Disappearance Of The Float

By David Oliver

You may have noticed. If it takes four days for your check to reach a credit card company, your check clears the bank in four days. No float.

Soon, the no-float situation will be in effect nationwide. On Oct. 28, a new federal law kicked in that changes the way all checking accounts work. "Check 21" is designed to speed check clearing and allows banks to process payments without physically moving checks. It cuts processing time from days to minutes.

Bankers say customers won't get cancelled checks, but 63 percent already get photocopies. They won't notice a difference except for the loss of float.

Professors at the Georgia State University College of Law think that there's a chance of the same checks being cashed more than once by mistake. Bankers say any errors can be quickly fixed.

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Featured Article:

The Three Worst Things That Bipolar Disorder Causes - Part 1

Anyone who has bipolar disorder would agree that there are many bad things that the disorder causes for them; such as: having to take medication every day for the rest of their lives, having to change their whole lifestyle to accommodate the disorder, having to go see doctors and therapists and psychiatrists, etc.

However, the three worst things that bipolar disorder causes are:

  1. Distortion of the truth
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  3. Destruction of families

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