Comment Re:Card to Card payments (Score 1) 260
The disinformation regarding Check21 has been a pet peeve of mine. Unfortunately, it's a futile fight and I don't have a list of myths at the ready.
Check21 drags paper checks into the digital era by declaring that a digital image of a check has the same legal standing as the original paper check. But this is NOT what happens to consumer's checks. Those are converted to ACH debits, sent through a completely different network goberned by different regulations. And these conversions predate Check21 by a couple years.
The only ways the two are similar are: 1) someone takes your money and 2) your check disappears
Check21 drags paper checks into the digital era by declaring that a digital image of a check has the same legal standing as the original paper check. But this is NOT what happens to consumer's checks. Those are converted to ACH debits, sent through a completely different network goberned by different regulations. And these conversions predate Check21 by a couple years.
The only ways the two are similar are: 1) someone takes your money and 2) your check disappears