Local News
Eyewitness Sports
Medical Coverage
Call For Action
More Details
What's On WPRI
What's On Fox
2 Minute Test Drive
Experts Online
Online Store
Chopper 12
Station Info

MARKETPLACE:  Auto | Jobs | People Search | Personals | Travel | Yellow Pages  November 20, 2004
Education | House & Home | Money | Pets | Recipes | Relationships | What's Next | More Topics...
Floating away
Email to a Friend Printer Friendly Version  

UNDATED By the end of the month, banks will start to follow a law that will modernize the way checks are processed, speeding up check-clearing.

With the changes, you might use telephone or online banking and learn that the check you wrote at the dry cleaner the day before yesterday has already gone through.

John Hall with the American Bankers Association says people are accustomed to writing checks and thinking that they'll take three to five business days to clear. But now, that "float" will be reduced to 24 hours, so you'll have to be more careful and make sure you have the money in your account before you write checks.

Hall says the transition to faster check-clearing will come gradually, but senior attorney Gail Hillebrand at Consumers Union fears bank customers will still have trouble adjusting. She says there will be more bounced checks, and some people who have never bounced a check before will find themselves overdrawn and owing penalty fees as high as 35 dollars a pop.

Consumer groups are demanding that banks also shorten their holds on checks you deposit.

Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Local News
Deputy sheriff charged with domestic assault
Nantucket Death Suspect Extradicted from Rhode Island
Cyclist is in critical condition after hitting tractor trailer truck
Rhode Island receives $60,000 for performance arts
Conn. senator introduces bill to protect journalists
East Greenwich man sentenced to prison for filing false returns
Providence goes after rodents' food supply
Missing Parrot Leads to Suspicion
Hillside got federal loan despite its brokerÔŅĹs financial troubles
Reporter convicted of criminal contempt, faces prison time
National News  more» 
San Francisco hotel workers to return to work after lockout
Marine killed in Iraq just hours after son's birth in Nebraska
Mother pleads guilty in sexual exploitation of her own young sons
National security adviser Rice returns home following surgery
NASA launches observatory to hunt for emerging black holes
L.A. officials call for investigation into airport police
Negotiators reach deal on U-S intelligence overhaul
New Senate minority leader calls for bipartisan spirit in radio address
Winning Mega Millions ticket sold in New York
Lawsuit raises questions about safety of dodgeball

Turkey Day is Coming
Plan your menu with the help of your community's favorite recipes.
Smile Maintenance
Your smile says a lot about you. Is it saying the right thing?
Send questions and comments about this website to the .
All content © Copyright 2004 WorldNow, WPRI, WNAC and Associated Press. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.