![](\"http:\/\/cyber.law.harvard.edu\/blogs\/static\/dowbrigade\/CZHECKjpg.jpg\")
<\/td>\n<\/tr>\nBack in last millenium, before the rampant post-9\/11 Federal paranoia, The most impressive room of all, however, was the huge, multi-acre exhibit Though banks and billing companies have tried Now banks and billers are beginning to turn some of those checks from Back in last millenium, before the rampant post-9\/11 Federal paranoia, I would take my Business students on the tour of Boston’s Federal Reserve Bank each fall. They were always impressed by the fact that the building itself (across from South … Continue reading
\n I would take my Business students on the tour of Boston’s Federal Reserve
\n Bank each fall. They were always impressed by the fact that the building
\n itself (across from South Station) is sheathed in enough sheet alumininum
\n to make 4 million Coke cans, and marveled at the counting rooms where
\n workers inspected stacks of bills piled to the ceilings of plexiglass
\n cubicles containing 10-12 million dollars at a time, looking for worn,
\n ripped, ragged or otherwise ready-to-be-retired bills. At the end of
\n the tour we each would get a little baggie of shreaded up
\n bills.<\/em><\/p>\n
\n hall where every night, all night, hordes of nocturnal federal moles
\n process over 6 million checks from around the New England region, physically
\n inspecting and stamping each one and then electrocically transferring
\n the funds from the payer’s bank’s Federal Reserve account to the payee’s
\n bank’s account. So many workers pushing so much paper throughout the
\n night never failed to amaze the students at its sheer scope and innate
\n stupidity – there must be a more efficient way to clear checks. Appearantly
\n the Fed agrees, finally.<\/em><\/p>\n
\n in recent years to convince consumers
\n to
\n pay more
\n of their
\n bills
\n over
\n the
\n Internet
\n or
\n through
\n electronic
\n payments, most people still write paper checks. American consumers
\n use checks for three of every five noncash payments, according
\n to the Federal Reserve. <\/p>\n
\n into electronic payments automatically. The new payment system,
\n called accounts receivable
\n conversion, or ARC, allows banks to detect fraudulent checks more quickly
\n and reduces the time it takes for checks to clear. But the new system
\n also means that payments are deducted more quickly than before,
\n which could
\n cause problems for check writers who are unaware of the system and
\n who try to time their bill payments carefully.<\/p>\n
\n the New York Times<\/a><\/p>\n<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"