Re: Cancelled checks, proof of payment

From: David Martin <dmartin@hc.ti.com>
Subject: Re: Cancelled checks, proof of payment
Date: Tue, 19 Jan 1999 13:57:29 -0600 (CST)

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Alfred writes:

>With electronic banking, the bank is not going to be able to retrieve a
>check from 10 years ago (I asked).  Even if they could, the probability they
>could reproduce it today is unlikely (technology advances).

>So - is there a misunderstanding on my part - or is there a looming problem
>with services that don't return cancelled checks?  Any advice, comments, or
>observations would be most appreciated!

	This is the reason why I always choose a bank that returns all
cancelled checks to me, which I then save. In fact, I have every check
that I have written in my life. This might seem somewhat extreme, but
I will probably die before this takes up more than a shoebox of
space. (I pretty much only write checks for my rent, insurance, and
credit card, everything else I charge to my credit card.)

	What this means, of course, is that if you don't get all of
your canceled checks, then you should get a copy of any important ones
(loans, taxes, insurance, house stuff, etc) soon after you get the
statement. Banks eventually lose these things, no matter what promises
they may make.

	Of course, if you can charge stuff to a credit card, the
credit card receipt and/or statement might be as good as a check.

	I'm sure, when someday all financial transactions become
electronic, the law will change so that you don't need a piece of
paper. Until that day, I would recommend avoiding being one of the
unfortunate 0.01% who gets in trouble because he doesn't have the
correct piece of paper. Remember: "Just because it isn't fair doesn't
mean it won't happen to you."

						-David Martin
						 



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