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From: rh@mit-eddie.UUCP (Randy Haskins)
Newsgroups: net.flame
Subject: Re: banks flames
Message-ID: <577@mit-eddie.UUCP>
Date: Thu, 11-Aug-83 12:12:23 EDT
Article-I.D.: mit-eddi.577
Posted: Thu Aug 11 12:12:23 1983
Date-Received: Fri, 12-Aug-83 05:38:36 EDT
References: <333@houxt.UUCP>
Organization: MIT, Cambridge, MA
Lines: 24

On checks clearing immediately:  Yeah, that's another thing that P's-me-O.
I don't understand it either, since I worked for Telecredit, Inc. some
time ago.  They're this neat company that has zillions of 'operators,'
off which I was one, who sit in front of terminals with headsets on.
People call up from all over the country with verifications for either
checks or VISA or MASTERCARD.  We had data-links with the bank-card
companies.  This was sort of a sweetener; the real thrust of this operation
was that they GUARANTEED the checks when the vendors call in.  Telecredit
had large data-banks that kept track of people by drivers license number:
whether or not they had bounced checks, how much they were, whether they
were eventually paid, etc.  (I suppose some of you right now are saying
'that really leaves invasion of privacy capabilities,' etc.  Maybe it
does, but it would probably make life easier in the long run.)    Anyway,
the whole point of this long-winded description is that the technology
exists, and there is even a network set up.  Why banks don't do a similar
thing, I don't know.  Maybe they do, maybe the checks do clear immediately,
they just tell us there is this delay so they can collect interest on the
money without having to pay it to us.  Maybe we should be more paranoid.
-- 
	Randwulf (Randy Haskins)
	genrad!mit-eddie!rh
 or...
  rh@mit-ee (via mit-mc)