Apr. 20, 2022
If you wrote a bad check to yourself for $10,000 and went and cashed it...they would give you the cash, but that check would then bounce in a few days and you would owe $10,000 plus bounced check fees. But, if you had another account, and wrote a new check for $10,000 you could cover the obligation on the first account. But then you have to use another account to do the same again and again. You have $10,000 cash and you have an obligation for $10,000 but you just delay it coming due. If you can delay it indefinitely, you just got $10,000 for nothing. It's called check kiting. it's illegal and you will be caught and sent to jail. This rule proposal allows you to commit this crime. You could call this "Security Delivery Kiting". You cannot regulate yourselves if you intend on bending the rules in your favor. You cannot just remove risk from your finances. You have to make smarter investments, and pay up when you make mistakes. Please do better, or retail will get the DOJ involved. -Peyton.