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Just a friendly reminder to make sure you have your shares "locked" that is, put in a sell order for as high as your broker will allow, 50 cents, 1 dollar, 50 dollars, whatever. This keeps MMs and brokers from "borrowing" your shares to sell.
Top 50 ACH depositors and receivers..
https://www.nacha.org/system/files/resources/Largest%20Originators%20of%20ACH%20Payments%20Year%202013.pdf
https://www.nacha.org/system/files/resources/Largest%20Receivers%20of%20ACH%20Payments%20Year%202013.pdf
Published by NACHA, these companies are on MyEcheck's radar fo sho!
East. At that point, if a Hurricane wants to come get me, as the Klingons say "It's a good day to die!"
MYEC knows things we don't. If we are at less than 10% of our actual current value, then there is more money pumping in than what we (investors/general public) know about.
Secondly, with Bill saying that the AGM will be very exciting...it sure as hell isn't exciting if there's no news...in other words..there is some big shit coming down the Pike that MYEC will announce at the AGM.
Everybody hold on to your investment. I see a high-rise penthouse condo in Florida in my future.
Just a thought..I don't want to overanalyze, but the posting says preferred/established echeck DEPOSIT facilitator.
When you think about echecks, or paper checks one naturally thinks of the WITHDRAWAL aspect of it, that is, sending an echeck/paper check FROM your bank rather than to it.
This is kind of interesting. Sure, banks take checks everyday, to be deposited - individual personal accounts, loan and other product payments.
More and more you see Bank specific ATMs accepting paper checks for deposit, but imaging them and returning the paper (stamped) to you.
Perhaps the strategy is to expand this and take all "mailed-in" paper checks and convert them to echeck, image, and shred.
Some banks won't even cash a check that isn't from their bank. With Ed's service, there is no concern about passing a bad check, or processing the paper. (for a small fee..heh heh)
Anybody have any stats on the use of paper checks vs. echecks? I am certain that paper checks are still quite alive and well and being used by a segment of the population that is not technologically inclined. Banks are still paying to process those, and with MyEcheck, they don't have to pay nearly as much anymore.
Furthermore, when Simplifile announces, at some time in the future, that they are 100% MyEcheck and not ACH, by then it will be more of a household name, and Simplifile will have been using it all along anyway...
You know - that got me thinking - and it could be that they are saying that "ACH isn't being replaced" because people know what ACH is, and they don't want people to think they are no longer accepting echecks.
The general public isn't quite up to speed with MyEcheck as an alternative of ACH, MyEcheck isn't a household name like ACH.
Maybe that's why Ed merely said "I"m sorry they didn't like the PR". Perhaps what we read, since we know about MyEcheck so well, is different than what the general public reads, therefore saying that "ACH is being replaced" - whether true or not, is not a good idea to say.
If you are on Twitter, and you decide to "follow" Simplifile, you will see a new county signing up with Simplifile just about every day. Sometimes two in a day, but about 4 each business week.
Now, to level set our expectations, MyEcheck is a choice for Simplifile customers, it is not a mandate. But I think in time, when Simplifile sees that MYEC is stable (they were an old client that dwindled after the 2008 banking disaster) and there is substantial cost savings, they will mandate it.
Maybe I need to put the pipe down too, but this movement away from banks (MyEcheck is but one facet) has the possibility of unleashing social change that would make the most powerful people in the world quiver and knock their knees together.
Can you imagine? Banks saying, OH! But we have great rates, no fees, come do business with us, PLEAASE! And the common people just saying simply...
"No, I don't use banks anymore" (They have the power to say No, they have a choice!)
We may be edging back to the days of, you either have money or you don't. Credit lines/Credit scores, the whole credit industry may just take a dive.
I think we were all burned in some way from the housing crisis, many people still underwater on their homes. Getting a mortgage used to be seen as an accomplishment, a source of pride, now we associate the word "mortgage" with debt, immobility, and just flat out "being owned" by a creditor and being forced to stay where you are. It's almost not even worth it.
We may be moving to paying for homes outright, or renting, or leasing, or some other arrangement that allows us to get out of it when we need to.
The world is becoming more mobile. Living in the same spot all of your life or even, more than 10 years is almost non-existent, that is if you are working. If you aren't working, then you can stay where you are.
In 2012 I ordered Euros from Wells Fargo online. No bank around here sold Euros. I hadn't been to Europe since 2006, so things changed that fast. Years before, you went to a bank, placed an order, and waited a week or so for the foreign currency to come.
I went to London last year, and used the ATM to get money (British Pounds) at the airport once I got off the plane. MYEC has a foreign exchange widget in their app. We won't even need an ATM debit card anymore!
Everything is mobile now. Banks gotta change to the point where they are no longer banks.
Forgot to mention the infamous "Misc. Bank Fee" this is the fee that you have to ask about to find out what it's for, and never really get a straight answer.
Not with MYEC...
I can see paying one's bills via MYEC,of course.
I wonder if they'll team up with a mobile bank that would have low overhead and would offer low interest loans as well. Wouldn't that be sweet? Fuck the credit report and score system as well.
I am not completely sure what that would look like or how that would work out, but I think that those of us that have known about MYEC for a long time are starting to see the bank barrel that we have been over most of our lives.
Some banks charge a monthly fee just for having an account
overdraft fee
bill payment fee
outside ATM fee
minimum balance fee
wire transfer fee
money order/cashiers check fee
loan fees
credit check fee
operator assistance fee/teller fee when not automated
foreign exchange fee/foreign currency purchase fee
which of these fees are needed with MYEC? MYEC's low fees cover most of these services or deem them obsolete.
oops, sorry...INZANE!
Piggybacking on Indazone's earlier most awesome post.
I want to bring up another point that has been made before but is definitely worth repeating.
UNDERSTAND - ACH ties up our money for 1-3 days.
Myecheck is instant. A few negligible seconds..minutes? Whatev.
So let's look at Indazone's stats.
ACH was $144T $144,000,000,000,000
So that means every day (divide by 365) there is $394,520,547,945.21
tied up that no one can use. let's round up and say $400B
but that $400B can be tied up for up to 3 Days, for argument's sake let's average and say 2 days.
That's 400B over 2 days that the banks sit on. They gain interest off of it, no one can spend it or use it.
Let's be blunt. That hurts our economy!
When money is not in "constipation" mode, it is available for use. We need to use the money to help our economy pump! Sitting in a bank helps no one but the bank!
The wire transfers? $1.12Q = $287.5M wires.
When I send a wire, it's about $20-25 to send, and $20-25 to recieve. Let's say each one of those transactions cost $40.00
$40.00x 287.5M = $11500000000 or $11.5B the banks take in in fees. Seems paltry compared to ACH.
And what do banks do with that $11.5B? A variety of things, but let's remember, that Ed's highest fee is $5.00, so that's a lot of money going to banks, that "we the people" lose when we send a wire transfer.
Thank you, I'd like my money available to me when I want to use it, not taken from me when I need it.
I did some digging regarding the website.
I pinged myecheck.com and mj-pay.com and came back with an IP address of 65.74.143.11 for both of them.
I then did a lookup of the IP address here. http://www.tcpiputils.com/browse/ip-address/65.74.143.11
So, the owner of the IP address is Quality Investment Properties Sacramento, LLC in Overland Park, Kansas, at least, that's where the server is that houses myecheck.com and mj-pay.com . These guys could have had weekend maintenance on their servers and brought everything down. This is completely normal for IT service companies.
Here is what this place looks like. http://tinyurl.com/lkk79q3
What this means is, when the website goes down, it is either that Quality Investment Properties Sacramento, LLC in Overland Park, Kansas is doing some maintenance, or Myecheck is doing something.
Unfortunately, Since no one noticed any changes to the website, then it was Quality Investment Properties that was doing some tweaks on the servers. With the "database" message, that also tells me that it was Kansas doing some kind of configuration changes. I don't think MYEC maintains any databases in regard to it's website.
If I was a basher I would be crying and gritting my teeth right now..boohoo...
Clearly a sign that Ed and company have total confidence in the company direction. Already have the venue for the AGM!!
OH- If you are a basher, please ignore all comments regarding the AGM.
Yes, we will have more INVESTORS (as opposed to flippers) as having been audited is a BIG HUGE FING DEAL when it comes to real investors. You can expect lots of whale watching on L2. Bring your cameras!
Awesome! You'll learn more than you want to know. You'll hear some crazy stuff that companies have to do and see some members of the company get downright livid about it. It's a great show!
Read my post 156402 and see if I made sense. Feel free to add anything.
I think it is actually, I don't want to jump the gun, but the fact that Ed has performed a compliance item (getting off the admin on Facebook) tells me that all the findings have been laid out - in other words, the audit *should* be done. Now he and his team are just remodeling their processes and behaviors so as to comply with those findings.
Looking at the financial reports for accuracy and "truthiness" is only one piece. The auditors need to also layout what the company needs to do to stay in compliance with SEC regulations going forward.
At some point, there may be second engagement with the auditors to make sure that MYEC has complied with the findings. How elaborate that engagement is TBD. It could just be a phone call, or them coming back on site.
Ed will want the auditors to make an attestation, which is a legally sworn document by the firm which "attests" to the fact that MYEC is in compliance with all SEC regulations that he can file with the SEC. This of course, is needed not only to be in good graces with the SEC, but also to uplist.
Yea, Okay so back to the Facebook admin thing. It used to be that auditors would look at your ledgers and just make sure that the person writing the checks isn't the same as the person who does the payroll, who deposits the money into the account, and makes deals with vendors..making sure all of this people are separated.
In this day and age we have to stop thinking in terms of paper, everything is electronic and now auditors are concerned about who has the password for each area, what the different access levels are, and who has what level of access.
Yes, as has been discussed on this board before, use of social media to share information about the company can be risky, and the SEC could have a shit fit if something was communicated that shouldn't have been, especially by the CEO. It's best that the CEO not be in charge of public information, that he does not have admin privileges into social media accounts, it's better that that duty is given to someone else and the CEO can't post on social media, less risk for him getting in trouble with the SEC, it's better for the company and better for investors!!!
I have been through audits in two places where I've worked, I've seen this plenty of times, it doesn't matter if it's a financial audit or what kind of audit it is, it all goes back to logins and passwords and what level access everyone has.
This is part of the audit. Controls. Separation of duties. Keeps the sec from having any suspicions ceo should not be admin. It's an excellent sign that audit is happening and myec is complying.
Old and tired...
https://www.facebook.com/groups/1481741498710729/
Raza's myecheck option doesn't work, scroll down on the facebook page and read.
I slapped at .018 (5555) but it printed .0177 so I did my part.
Hey Kub,
yea this conversation is similar on the ole' twitter too.
Despite what people have been told, instant gratification takes a really looooooong time...
If people can't wait around for instant gratification, well, then, they know what they need to do.
Starting up a business, and getting it going with all of the muck and mire and barbed wire that one has to go through - it's never sexy.
We forget this, we forget that companies like Apple we're in a horrible shithole at one time and everybody hated them. Well, a lot of people still hate them, but now it's because they are so successful.
I grew up in Michigan as well, although Southeastern just underneath Detroit.
As far as insults are concerned I would have to defer to my Detroit friends, which, ahem, have the monopoly on them.
Here you go..
2009.
http://www.marketwired.com/press-release/myecheck-signs-simplifile-accept-check-payments-e-recording-services-through-myecheck-1219064.htm
Go to Marketwired and look at all of the past partners MYEC had. If they revive them all, be prepared to start buying DEPENDS.
I have one post left for today, but I am on twitter, same handle FLA_CONDO
MyECheck Signs Simplifile to Accept Check Payments for E-Recording Services Through the MyECheck Payment System
PROVO, UT--(Marketwire - July 1, 2009) - MyECheck, Inc. (OTCBB: MYEC), a leading provider of electronic check payment services, has signed an agreement with Simplifile, the leading provider of electronic recording services. The agreement will facilitate the integration of the MyECheck Remotely Created Check solution into the Simplifile e-recording service which will allow Simplifile customers to make payments for recording and submission fees using an online check imaging process.
It is anticipated that the integration between Simplifile and MyECheck will be completed by late summer 2009. Once complete, Simplifile customers will have the option to make recording and submission fee payments with virtually any checking account in the United States -- including all business accounts.
"We are excited to work with MyECheck and their industry leading online check imaging services," said Paul Clifford, President of Simplifile. "We believe that the addition of MyECheck's patented technology not only will allow us to electronically originate secure check transactions and transfer funds but will give our customers the ability to utilize finance accounts not previously available for payments."
"We are pleased to provide our fully electronic green services to Simplifile," said Ed Starrs, CEO of MyECheck, commented. "The MyECheck solution is ideal for escrow account payments and real estate transactions because of its speed and capability to process any size transaction from any account. The addition of Simplifile is an impressive addition to our rapidly growing portfolio of larger accounts."
About Simplifile
Simplifile provides innovative, simple, and secure electronic recording services via the Internet. Simplifile's customers include title companies, banks, attorneys, lien filers, and county and state government jurisdictions. Simplifile electronic recording services accelerate document recording and simplifies document workflow processes that reduces costly overhead associated with traditional submission and recordation methods while improving client service levels.
Simplifile is focused on building the industry's de facto electronic recording network. As such, Simplifile provides a streamlined and scalable approach to electronic recording tailored to organizations of all shapes and sizes. For more information on how Simplifile can benefit your organization, visit www.simplifile.com or call 801.373.0151.
Simplifile is a registered service mark of Simplifile, LC.
About MyECheck
MyECheck Inc. is a leading electronic transaction processor and provider of alternative payment solutions for brick & mortar, internet, and mobile commerce. MyECheck utilizes a patented method of creating and clearing remotely created checks for exceedingly fast, secure and cost effective payments. As the leader in Check 21 solutions and check image processing for online merchants, MyECheck provides merchants with financial access to more customers than any other payment method.
Please visit www.myecheck.com
Forward-looking statements in this release are made pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of mentioned products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in reports filed with the SEC.
And per the PR volume will increase DRAMATICALLY
"to dramatically increase the transaction volume that MyECheck processes for Simplifile."
I can imagine the paperwork that goes on in local governments must be incredible...
So, I checked the last 3 months of PRs from simplifile. THey are average 10 new clients (counties) per month! Every new addition is an addition to MYEC revenue.
Money6870 - I don't have PM but I got your message - WHATEVER! OMG!
On another note, I think Ed is the one deciding not to update IHub with news. I guess, if you can get your news in all these other places with Accesswire, it's not that big of a deal. See ticker on this page..http://www.accesswire.com/
I agree, we could have another "Flipper paradise" day tomorrow, it doesn't matter!
LOOK AT ALL THOSE COUNTIES !!!! THAT'S A LOT OF REVENUE!!! They won't be sending paper checks anymore, or using ACH. And I bet they can't use credit cards because they have to always have a Proof of Purchase and CC recipts may say the amount and the merchant, but not the item - Auditors require the item on a POP. E-checks will be awesome for this setup!
agreed.
Yea, my suspicion is that there perhaps MYEC is going a different route now for their PR releases sans IHub.
MYEC used Accesswire instead of Marketwired for their PR, is IHub in a disagreement with Accesswire too?
Twitter is blowing up about MYEC news!
Check out Simplifile's partners:
https://simplifile.com/about-simplifile/simplifile-partners/
I heard of them before, but I think it was in the context of MYEC. Check out their website. I feel they are more of a business/institutional/banking solutions company. So you and me would not necessarily know about them, but organizations that do document processing would.
https://simplifile.com/
IMO it's a nail in the coffin of ACH.
Simplifile is replacing ACH with MYECHECK 100%
Exactly, they are great for visualizing goals, and when published, give the audience a sense of security.
It is the magic stick being waved by a witch doctor for non-tribal societies.
It's Bill's prior company, but sounds like he's still doing some work there
Deadlines Schmedlines
Anyone who has ever worked a day in their life know that deadlines are imaginary. Even the hardest drop dead deadlines can be negotiated and changed. Big woopy doo.