🚀 go-pugleaf

In article <nndv94d7hgjg49oej5fl2203te3ogecs3c@4ax.com>, 
scottenaztlan@yahoo.com says...
> In message <MPG.23096fcbe1bf679e989fbb@news.individual.net>, krw
> <krw@att.bizzzzzzzzzz> wrote:
> 
> >> The problem is the banking system favors merchants, not consumers. For
> >> example, even before Check-21 was active, banks allowed merchants to
> >> convert paper checks into EFT debits, eliminating the "float." The
> >> merchant can then destroy your check. In other words, the banks ASSUME
> >> that every EFT debit coming in from a merchant is correct, and they
> >> don't even have to produce the original check as proof. A software
> >> glitch (or outright fraud) could cause an EFT debit to your account,
> >> and unless you complain it will be treated as valid. 
> >
> >Wrong.  They must produce at least a facsimile of the check upon 
> >request (challenge).
> 
> And therein lies the problem: the bank ASSUMES that the electronic
> debit is correct *unless* the customer complains. After a few days
> when the merchant is unable to produce an acceptable substitute check,
> then the consumer might get his money back (and all his bounced check
> fees reimbursed). In the meantime, you get to enjoy all the stress and
> hassle this "mistake" will cause you. And heaven help you if you're
> one of those folks who never balance their checkbooks and thus fail to
> spot the error.

Boo Hoo!  If you're ripe for picking, you will be picked.  It 
doesn't take an EFTS to do it.
 
> >> The entire system is biased in favor of merchants, so you'll never see
> >> any rule that favors consumers.
> >
> >No, it's biased in favor of the banks.  
> 
> So you agree that the deck is stacked AGANST the consumer.

No more so than anything else in this world.  The consumer has the 
ultimate power; don't buy.  If you choose to be an idiot, you will 
be.

-- 
Keith