- What legislature is passing this law: the US Congress? The Illinois State Congress? The Chicago aldermen? The World Bank?
- What changes will this law put into place? Will it force people to switch to paying checks online? Will it force people to simply use another type of paper check? Will everyone need chips implanted in their hand and forehead with '666' encoded?
- When exactly is this law going into effect?
- What does technology have to do with it? Is there a specific new technology that has enabled this change?
- Is the technology driving the law, or is the law driving the technology? Are we being forced to draft this law because of changes in the way that banks have been doing business, or is the law forcing the banks to change their methods?
No answers to any of these. But we do now know what 'floating a check' means:
If you have ever written a check knowing you don't have exactly enough to cover the check, but you figure by the time the check clears, you will have money in the bank. That's called floating.
Thank you, Leah Hope!