As mentioned above many countries around the world ALREADY treat checks this way, in fact in some countries it is a crime to draft a post dated check. And all the gloom and doom about what will we do now is nonsense, again this system ( no PDC's)works and works very well in many places.
A check is not and was never meant to be a promissary note (IOU), it is a bank draft that is suppose to be treated as cash. It is a document that says you are entitled to withdraw XXX amount from my account. You go to the bank and make that withdrawal from the drafter's account.
This law is a positive step to bringing forth meaniful financial reform. The big problem is simply how to handle the "transition period".
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This is not a"World Standard"
As mentioned above many countries around the world ALREADY treat checks this way, in fact in some countries it is a crime to draft a post dated check. And all the gloom and doom about what will we do now is nonsense, again this system ( no PDC's)works and works very well in many places.
A check is not and was never meant to be a promissary note (IOU), it is a bank draft that is suppose to be treated as cash. It is a document that says you are entitled to withdraw XXX amount from my account. You go to the bank and make that withdrawal from the drafter's account.
This law is a positive step to bringing forth meaniful financial reform. The big problem is simply how to handle the "transition period".
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"A Wise Man knows what he does not know!"