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November 2004 |
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ATTENTION: New Federal Banking Law Goes Into Effect
The Check Clearing for the 21st Century Act (Check 21) was signed into law on October 28, 2003 and became effective on October 28, 2004. Check 21 is designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. The law facilitates check truncation by creating a new negotiable instrument called a substitute check, which would permit banks to truncate original checks, to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks. A substitute check would be the legal equivalent of the original check and would include all the information contained on the original check. The law does not require banks to accept checks in electronic form nor does it require banks to use the new authority granted by the act to create substitute checks.
Fintech protects its customers from the enormous headaches this law may cause. Contact us for more information at 800.572.0854 Ext. 292
Fintech.net Survives 4 Hurricanes!
Thanks to our disaster recovery plan that includes a generator, backup data systems and an offsite disaster recovery location designed to withstand category 5 storms, we were able to maintain seamless support to our customers nationwide even as hurricane after hurricane battered our area.
Unfortunately, many of our customers did not fare as well through the relentless 2004 hurricane season. However, in true Florida fashion, they were resilient and worked together to keep things moving. As a result of combined efforts, the status quo was restored as soon as possible. Below is the story of just one of our customers severely impacted by this unprecedented summer of storms.
BREWING STORM SPELLED TROUBLE FOR BEVERAGES (AUGUST 23, 2004)
(C) 2004 The Palm Beach Post. via ProQuest Information and Learning Company; All Rights Reserved
The damage from Hurricane Charley cost millions of dollars and created thousands of stories of heartache. But a tale from the local Budweiser distribution center is sure to have resonance in a ruined region thirsting for a cold one.
In a ravaged warehouse with a demolished roof, an independent company that distributes Anheuser-Busch products is preparing for a massacre. The victims: 60,000 cases of beer. The beer - Budweiser, Bud Light, Amber Bock, O'Doul's and more - was piled high in the distribution center outside Punta Gorda on Aug. 13 as Charley roared through this small town in Charlotte County.
The distribution center, which serves bars, restaurants and grocery stores in Charlotte, DeSoto and Glades counties, was hit hard. That spelled trouble for the beer.
Most of the beverages weathered the storm without direct damage. But with the storage area flooded with rain water and strewn with roof insulation, company officials didn't want to risk any chance of health hazards. "We don't need to risk any of that," said Dan Geist, operations manager for Peace River Distributing. "We're just going to squash it all to the ground and recycle the aluminum."
It's an unseemly way for so much undamaged alcohol to meet its end, especially considering that those who sell beer in the Punta Gorda area expect demand to increase in coming weeks.
In a sweltering August, thousands of locals have no electricity, which means no air conditioning. Furthermore, the area is seeing an influx of contractors, National Guard members and police officers who have come to help the relief effort, many of whom are sure to want a few drinks in the meantime.
The manager of River City Grill, one of the few restaurants that reopened this week, figures the town of 14,000 has an additional 5,000 residents these days.
"Yeah, I expect the alcohol sales to go up," said the manager, who gave his name simply as Fletcher. "It's the end of a hard day. It's a celebration of a job well done."
Geist said Anheuser-Busch officials have reached the same conclusion after consulting with colleagues who saw a similar phenomenon in Miami-Dade County after Hurricane Andrew. "Our sales are going to be excellent because all the construction workers are moving in," he said.
With a sales increase expected, the distribution center is down but not out. The company is planning to continue sales and deliveries from another independent distribution center in nearby Lee County.
Meanwhile, the large warehouse is being closed for repairs.
That is, after the beer is destroyed."The good news is there's plenty more where that came from," Geist said.
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Convenience Stores
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