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The Record, Hackensack, N.J., Your Money's Worth column.
Byline: Kevin DeMarrais
Oct. 24--'HOLDS' ON DEPOSITS MAY ADD TO MISERY: For years, savvy consumers played the "float," taking advantage of the time lag between when a check was deposited and when it was debited from their account.
By doing so, we could get an extra day or two of interest when paying a bill or have an extra day or two to get money into the bank so the check wouldn't bounce.
No more. Come Thursday, a new federal law known as Check 21 -- short for the Check Clearing for the 21st Century Act -- takes effect and the float is sunk, at least for consumers.
But the float remains for the banks, so people who miscalculate or have tight budgets could bounce checks -- and end up paying fees averaging $30 a pop -- even if they have money in the bank to cover the payment but the check hasn't cleared.
Sound unfair? Absolutely. But that's the way this new law works in this early Halloween shocker.
Banks will no longer have to provide canceled checks, even if you want them.…
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