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My favorite anecdote about how structurally behind the US banking system is is the Check 21 act: https://en.wikipedia.org/wiki/Check_21_Act https://en.wikipedia
by shalmanese 11y ago
My favorite anecdote about how structurally behind the US banking system is is the Check 21 act: https://en.wikipedia.org/wiki/Check_21_Act https://en.wikipedia.org/wiki/Check_21_Act
9/11 caused severe problems for the US banking industry because $6Bn worth of paper checks were still being flown around the country daily on jet planes. The grounding of all planes on the week after 9/11 severely gummed up the workings of the financial system because bits of paper weren't getting to where they needed to be. It took until 2004 for congress to finally force banks to end this archaic practice.
Business Insider has a good article about the entire process: http://www.businessinsider.com/the-death-of-the-paper-check-2013-3 http://www.businessinsider.com/the-death-of-the-paper-check-...