> You're acting like this is some kind of futuristic concept.
No, I'm not. I'm well aware of how other countries operate, as well as proposals for upcoming systems in the US.
I'm observing that the article we're currently discussing talks about multiple sources of issues with checks, and immediate-clearing electronic systems solve some but not all of them.
Immediate clearing systems eliminate NSF issues: a check will never bounce, it'll get cleared immediately or rejected immediately. This is a great thing and I'm looking forward to it. It'll be a massive reduction in fees and hassle for many people.
Immediate clearing systems do not eliminate the problem of the purported originator of the check disputing/rejecting/etc the check payment and the originating bank clawing back the payment. There are any number of reasons for that, some of them legitimate. The article mentions some of them, and there are more.
I am not making an argument against immediate clearing systems; on the contrary, I think they're an incredible good idea. I'm observing that they are not, in fact, a panacea that on its own will completely eliminate the reasons why people are unbanked or underbanked.
No, I'm not. I'm well aware of how other countries operate, as well as proposals for upcoming systems in the US.
I'm observing that the article we're currently discussing talks about multiple sources of issues with checks, and immediate-clearing electronic systems solve some but not all of them.
Immediate clearing systems eliminate NSF issues: a check will never bounce, it'll get cleared immediately or rejected immediately. This is a great thing and I'm looking forward to it. It'll be a massive reduction in fees and hassle for many people.
Immediate clearing systems do not eliminate the problem of the purported originator of the check disputing/rejecting/etc the check payment and the originating bank clawing back the payment. There are any number of reasons for that, some of them legitimate. The article mentions some of them, and there are more.
I am not making an argument against immediate clearing systems; on the contrary, I think they're an incredible good idea. I'm observing that they are not, in fact, a panacea that on its own will completely eliminate the reasons why people are unbanked or underbanked.