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huh?
i was passing along something i read in a press release from someone from the banking industry. so if someone has "no clue" about what is being talked about, then perhaps the person who said it is it, not the messenger. i should have made more clear i was passing on someone else's information.
so here is what i should have said, which is true: a couple of months a go a press release from the banking industry indicated an inability to enact enforcement initially, as it is difficult, expensive, and not possible at the moment. many many banks were going to wait to hear from the justice department before spending a lot of money and energy making costly changes to procedure.
thanks for the helpful heads-up, however annoying your tone may have been.
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Really, the press release said "No need to worry." I highly doubt it.
Listen, everyone can have opinions but don't mix your opinions with facts and then try to pass them off as facts. My tone was what it was because I'm starting to get tired of reading post after post by people who are giving out bad information. Even if you are referring to a press release you've grossly misquoted it.
All electronic fund transfers happen over systems called ACH's. The US Federal Reserve handles over 85% of all electronic funds transfers. All they have to do is add one more field the message transmission which includes a industry code. If I'm paying my electric bill online it adds a code given to all utility companies. If I'm making a car payment online it adds a little code given to all consumer finance and credit companies. If I transfer money to an eWallet or gambling site it adds a code given to all eWallet and gambling sites and the transaction gets declined.
It's pretty simple.
I've read almost every article on this topic in the news and so forth and the most anybody has ever said is that it won't be foolproof because coding paper checks leaves a huge gap in enforcement. I've also designed major payment systems and know a thing or two about what can and can't be done. The hardest and most expensive part of it will be upgrading the software that the banks speak to the ACH with. But it's been done several times before to satisfy other regulations and laws so it's not impossible.
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no, the press release did not say "no need to worry". that was me.
in any case, here is more information about what I was alluding to.
http://www.icba.org/files/ICBASites/PDFs/ltr072806.pdf
Just trying to have a useful discussion. if my opinions got misinterpreted as alleged facts, i regret it.