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Check 21 Complaint - Check 21 part of the Patriot act or spy on Americans act?

Review by Anonymous04 on 2004-11-05
Check 21 part of the Patriot act or spy on Americans act?
The Federal Government gets our original checks now. We get a copy. Wonder what they do with that information now in their databases. Maybe start watching our checking accounts and us?

Think of this, the Banks process our checks faster, which is suppose to take less then a few hours and hold onto our money and use our money as their collateral and collect interest on our money, until they decide to give it to us.
And it still takes them days to add our money to our checking accounts. If this new system is suppose to be faster. Then why isn’t it faster for us to get credit for our money = deposits? Withdraws are faster, deposits are not. Sounds like deceitful Banking practices to me. Check 21 seems to benefit the Banking Industry and not the US citizens.

What happened to Civil liberties and the US Citizens privacy? Apparently we have none – blame 9-11 and the terrorists for the lack of US citizen’s freedom and privacy, besides the Politicians that passed this spy on Americans act.
Comments:6 Replies - Latest reply on 2005-04-12
Posted by sanford31031 on 2004-11-06:
Good post and I wonder the same. My bank does not hold any check of mine unless its $5k and above and non-payroll, and its only a 5 business day hold. A lot of financial institutions aren't practicing Check 21 just yet.
Posted by TXRoadTrip on 2004-11-08:
So why don't we get our deposits faster deposited to our accounts? Anyone on here from the banking industry?
Posted by Slimjim on 2004-11-18:
Tex, check with your other ID's. There must be a banker in there somewhere.
Posted by Slimjim on 2004-11-18:
I wouldn't go as far as to lable it deceitful practices, but the poster's main point is valid. Check 21 offers no benefits to consumers. Check clearing time hasn't changed, yet the banks have good funds, in most cases, the day after presentation. I was suprised to learn that checks clear no sooner for consumers under this.
Posted by TXRoadTrip on 2004-11-19:
Check 21 offers no benefits to businesses either. It still takes the same amount of time for deposits to clear.
Posted by CAMedWmn on 2005-04-12:
Don't blame me! I opposed the USA Patriot Act, unlike all but one of our elected officials at the time. Amazingly enough, I recognized early on that the USA Patriot Act allows the government to track every aspect of a US citizen's life, but does zero to prevent terrorism.

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