Sunday, July 25, 2004
CHECK 21
What is Check 21?
The following article summary is from Commerce Notes, Summer 2004.
"The goal with check imaging is ......to give customers the convenience and flexibility of viewing cleared checks via a PC connected to the Internet, or from a link on an institution's web page. Since the trend today is taking us toward paperless environments, that means community financial institutions will turn to more efficient statement delivery channels such as CD-ROM and email." (www.denovobanks.com/hot-topics/story.asp?idstory=86)(Emphasis mine).
Do you see where this trend is going. An electronic, paperless environment where institutions will only mail your statements via CD-ROM or email or where your statements will be only be available on-line because it may no longer be cost effective or competitive to send you a check statement or CD-ROM in the mail. Everything is sold to us, the consumer as more efficient, more cost effective, less time consuming. However we always lose a little more control over our financial freedom with each new digital innovation. The freedom we give up in this case is control over our financial information since anything electronic can be changed by the financial institution which controls it or hackers eliminating the proof that a previous error may have been made.
One more step in the march to a digital, cashless economy.
This is the same reason that internet transactions are not currently taxed separately; so that businesses and government agencies will promote it's use to enable the setting up of the cashless economy in the future.
If you are a bible believing Christian then you know the real reason why this is being done. The noose will slowly tighten as we move into the 21st century.
"And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name." Revelation 13: 16-17 KJV.
This mark will be used for indentification purposes. You will need it to make a secure transaction over an electronic and/ or wireless system to buy food for your family and the clothes on your back; to pay for the ticket to ride the subway to your place of employment or to put gas in your car. Without it you have no control of your financial future. You will be treated as less than a second class citizen. You will not survive. With it the Antichrist will have total control over you and you will be forced to worship him.
How will he attain the power to force people to worship him? Through the financial control he will have over you. "This economic pressure will be instrumental in causing many weak, worldly individuals to succumb to the establishment of this monarch. Revelation Unveiled, Tim Lahaye (Zondervan Publishing House: Grand Rapids, Michigan, 1999) 227.
My goal is to help you see biblical prophecy being fulfilled in our daily lives. To build your expectation for Christ's imminent return. This is why I have posted this particular article which at first glance may not seem that important. But as I have stated before, this is just one more tidbit in a puzzle of many pieces which when looked at together brings bible prophecy alive. We are to wait expectantly for our Lord's return.
"Looking for that blessed hope, and the glorious appearing of the great God and our savior Jesus Christ. Who gave himself for us, that he might redeem us from all iniquity,....." Titus 2:13-14. Try to keep this in your thoughts as you interpret what is happening around you in your daily life. It will help you realize how far the along the roadmap we are to his imminent return.
For he will come in the "twinkling of an eye" when we least expect Him. "Therefore be ye also ready: for in such an hour as ye think not the Son of Man cometh." Matthew 24:44 KJV.
Do you know Jesus Christ as your Lord and savior?
I strongly urge you to think about this now if you do not know Christ as your Lord and Savior because we are about to enter the "beginning of sorrows" spoken of in Matthew 24:8. Everyone who remains when Antichrist appears will have a choice to make: either accept the mark or be killed. However if you accept the mark spiritually speaking, it will be fatal. It will be the final decision on you part to reject Christ who has promised to save us (those who know him now) from the hour of Tribulation. "Because thou hast kept the word of my patience, I will also keep thee from the hour of temptation (trial NIV), which shall come upon the whole world, to try them that dwell upon the earth." Revelation 3:10 KJV.
Won't you accept Him now and so that God' seal is upon you and your name is written in the Lamb's book of life? I urge you to read the following passages of scripture: Romans 3: 23, Romans 6: 23, Romans 5:8, Romans 10:8-10 and verse 13, Romans 12: 1-2.
He also promised the following to those who know Him; those who accept him as their Lord and Savior.
"Let not your heart be troubled: ye believe in God, believe also in me. In my Father's house are many mansions: if it were not so, I would have told you. I go to prepare a place for you. And if I go and prepare a place for you, I will come again." John 14: 1-4A. (The rapture: the second coming of Christ.)
He will comfort us. He has prepared a far greater place for us. He has promised us that he will return.
Are you ready to accept His plan for your life now? Are you ready to let Him direct your paths and let Him lead you through troubled times as your "rock" and "anchor"; or will you wait until one day in the near future when it will be a more difficult choice to make; because then the choice will be whether or not to accept the "mark" as I discussed above.
Steve
This article may be reproduced WITHOUT CHANGE and in its entirety for non-commercial and non-political purposes. ourfutureworld.blogspot.com
What is Check 21?
The following article summary is from Commerce Notes, Summer 2004.
Check 21 is a piece of legislation passed by Congress and signed by President Bush October 28, 2003. The stated purpose of this legislation is:
To facilitate check truncation by authorizing substitute checks;
To foster innovation in the check collection system without mandating receipt of checks in electronic form;
To improve the overall efficiency of the Nation's payment system.
The new law has a 12 month waiting period. It's provisions take effect October 28, 2004.
What is Check Truncation?
Credit unions have been truncating share drafts since they were introduced in the 1970's. Most credit union members have not received their original drafts(checks) in their monthly statements. Many commercial banks have stopped sending original drafts (checks) in their monthly statements.
In the context of Check 21, check truncation means removing the original check from the check clearing process, ideally at the point of deposit (teller line). For example, a teller would scan a deposited item through special equipment that would capture an electronic image of the front and back of the check and read and store the MICR line information.
This data would be transmitted electronically to the bank's central item processing systems for collection. A substitute check, or Image Replacement Document (IRD) can be forwarded for collection in place of the original item. An IRD is an image of the front and back of an item, printed on special high grade paper that includes additional endorsement information and a machine-readable MICR line.
Financial institutions may forward electronic image information if proper agreements are in place between the collecting financial institution and the paying financial institution, thus facilitating true image exchange without creating a paper document.
Any financial institution in the forward collection or returns process will be allowed to truncate an original item.
How Will the Law Affect banking customers
Since the new law will allow any financial institution to truncate an original item, no bank or credit union will be able to guarantee the return of a consumer's checks in their statements. Consumers used to receiving their original checks back will be most affected. Credit union members, with few exceptions, do not receive their original drafts in their statements. The law also provides consumer protection provisions in case of a financial loss caused by a consumer's financial institution paying an IRD or image instead of the original item. The law requires consumer notification shortly after the effective date and the Federal Reserve Board will publish model language before that time.
If you currently receive printed images of your original checks with your statements, you will notice that some of the original check images may be replaced with the image of a substitute check.
If your original cancelled checks are returned with your checking account statements, you may see some of your original checks being replaced with printed substitute checks.
As a result of Check 21, banks will be able to exchange digitized copies of your checks or create substitute checks in order to facilitate the exchange of funds between banks. The new process will eventually eliminate the exchange of actual checks between banks. (Emphasis mine).
"The goal with check imaging is ......to give customers the convenience and flexibility of viewing cleared checks via a PC connected to the Internet, or from a link on an institution's web page. Since the trend today is taking us toward paperless environments, that means community financial institutions will turn to more efficient statement delivery channels such as CD-ROM and email." (www.denovobanks.com/hot-topics/story.asp?idstory=86)(Emphasis mine).
Do you see where this trend is going. An electronic, paperless environment where institutions will only mail your statements via CD-ROM or email or where your statements will be only be available on-line because it may no longer be cost effective or competitive to send you a check statement or CD-ROM in the mail. Everything is sold to us, the consumer as more efficient, more cost effective, less time consuming. However we always lose a little more control over our financial freedom with each new digital innovation. The freedom we give up in this case is control over our financial information since anything electronic can be changed by the financial institution which controls it or hackers eliminating the proof that a previous error may have been made.
One more step in the march to a digital, cashless economy.
This is the same reason that internet transactions are not currently taxed separately; so that businesses and government agencies will promote it's use to enable the setting up of the cashless economy in the future.
If you are a bible believing Christian then you know the real reason why this is being done. The noose will slowly tighten as we move into the 21st century.
"And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name." Revelation 13: 16-17 KJV.
This mark will be used for indentification purposes. You will need it to make a secure transaction over an electronic and/ or wireless system to buy food for your family and the clothes on your back; to pay for the ticket to ride the subway to your place of employment or to put gas in your car. Without it you have no control of your financial future. You will be treated as less than a second class citizen. You will not survive. With it the Antichrist will have total control over you and you will be forced to worship him.
How will he attain the power to force people to worship him? Through the financial control he will have over you. "This economic pressure will be instrumental in causing many weak, worldly individuals to succumb to the establishment of this monarch. Revelation Unveiled, Tim Lahaye (Zondervan Publishing House: Grand Rapids, Michigan, 1999) 227.
My goal is to help you see biblical prophecy being fulfilled in our daily lives. To build your expectation for Christ's imminent return. This is why I have posted this particular article which at first glance may not seem that important. But as I have stated before, this is just one more tidbit in a puzzle of many pieces which when looked at together brings bible prophecy alive. We are to wait expectantly for our Lord's return.
"Looking for that blessed hope, and the glorious appearing of the great God and our savior Jesus Christ. Who gave himself for us, that he might redeem us from all iniquity,....." Titus 2:13-14. Try to keep this in your thoughts as you interpret what is happening around you in your daily life. It will help you realize how far the along the roadmap we are to his imminent return.
For he will come in the "twinkling of an eye" when we least expect Him. "Therefore be ye also ready: for in such an hour as ye think not the Son of Man cometh." Matthew 24:44 KJV.
Do you know Jesus Christ as your Lord and savior?
I strongly urge you to think about this now if you do not know Christ as your Lord and Savior because we are about to enter the "beginning of sorrows" spoken of in Matthew 24:8. Everyone who remains when Antichrist appears will have a choice to make: either accept the mark or be killed. However if you accept the mark spiritually speaking, it will be fatal. It will be the final decision on you part to reject Christ who has promised to save us (those who know him now) from the hour of Tribulation. "Because thou hast kept the word of my patience, I will also keep thee from the hour of temptation (trial NIV), which shall come upon the whole world, to try them that dwell upon the earth." Revelation 3:10 KJV.
Won't you accept Him now and so that God' seal is upon you and your name is written in the Lamb's book of life? I urge you to read the following passages of scripture: Romans 3: 23, Romans 6: 23, Romans 5:8, Romans 10:8-10 and verse 13, Romans 12: 1-2.
He also promised the following to those who know Him; those who accept him as their Lord and Savior.
"Let not your heart be troubled: ye believe in God, believe also in me. In my Father's house are many mansions: if it were not so, I would have told you. I go to prepare a place for you. And if I go and prepare a place for you, I will come again." John 14: 1-4A. (The rapture: the second coming of Christ.)
He will comfort us. He has prepared a far greater place for us. He has promised us that he will return.
Are you ready to accept His plan for your life now? Are you ready to let Him direct your paths and let Him lead you through troubled times as your "rock" and "anchor"; or will you wait until one day in the near future when it will be a more difficult choice to make; because then the choice will be whether or not to accept the "mark" as I discussed above.
Steve
This article may be reproduced WITHOUT CHANGE and in its entirety for non-commercial and non-political purposes. ourfutureworld.blogspot.com
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