Stuff That's Too Stupid to Wait Until Sunday
I wrote last weekend about how our bank wouldn't take a USDA check, written on the Federal Reserve Bank...
I got a written explanation to present to the bank:
The Check Clearing Process for the 21st Century Act (Check 21) which was signed into law on October 28, 2003 and became effective on October 28, 2004, has had an impact on the negotiability of USDA Farm Service Agency Commodity Credit Corporation (FSA/CCC) checks.
CCC is a wholly owned government corporation that uses CCC checks as its instrument for payment. CCC is not a Financial Institution. Because CCC is a government entity it does not have a commercial bank account as other financial institutions do. CCC’s account is with the United States Department of the Treasury. For this reason, the Kansas City Federal Reserve Bank (KCFRB) acts as CCC’s fiscal agent and is responsible for receiving CCC checks through normal banking channels and treating them as cash items. CCC Checks received by the KCFRB, which contain a routing transit number of [omitted] pre-printed in the MICR Line of the CCC check, are paid by the KCFRB and the expense charged to CCC’s Account with Treasury.
Since the implementation of Check 21, some financial institutions have had difficulty accepting and processing CCC checks. In a few cases, banks have refused to accept the instrument stating it is not a valid check because the check does not carry an account number in the pre-printed MICR Line at the bottom of the check.
Until Check 21, CCC has never had a problem with the acceptance of its checks by financial institutions. As a temporary measure, CCC is requesting financial institutions to manually enter our Agency Location Code (ALC) [omitted] into the account number field when validating its checks. ALC [omitted] represents CCC’s account with United States Department of Treasury.
USDA Farm Service Agency apologizes for any inconvenience that it may have caused. New stock has been ordered and placed into circulation; however, it will take time for the old stock to deplete itself.
If you have questions or need to contact our office, please call me at [omitted].
Sounds reasonable, right? Riiiiight. This weekend, we managed to deposit the check (a pittance), but not before my husband threatened to withdraw all of our savings and move it to another bank. We've been customers there since 1994, and there's a bit more at stake than the face value of this one check. Even if the check bounced...it's a government check and the bank has lots more of our money. What's the worst that could happen?
I'm kind of irked about something else, though, too.
I convinced a colleague to open an account at WAMU. A few months later, we're having this little worldwide economic crisis, and WAMU goes under, to be bought by JPMorgan Chase. Nifty. Our deposits are FDIC insured, and our banking goes along without a hitch - if you don't count this silliness over a government check. Then my colleague tells me she's going to withdraw her money from WAMU and open an account at Chase. "Why?" I ask.
"Because I got an offer telling me if I open an account at Chase, they'll give me $100."
Well, I can't argue with her logic...but I think Chase's Marketing department is missing a few marbles.
Don't Speak for Me Sara Palin
I love this video. Thanks to @DowntownWoman for tweeting about it!