Does anyone out there know the LEGAL STATUS of computerized records
for electronic transactions? Has the law caught up with the 21st
century yet? Just asking, because I don't know.
If you get audited by the IRS, have a case in small claims court,
have a disagreement with an insurance company, have a dispute with
your broker, get a notice from your landlord about failing to pay
your rent, or get a bill from local government [over, say, a traffic
ticket you've already paid], will computerized records for electronic
transactions have the same weight as paper records? (Let alone if
larger stakes are involved--e.g. if you're sued for a bundle or
accused of a felony.)
Will computerized records for electronic transactions impress the
judge, the IRS auditor, or the insurance agent? I wonder if the
judge or auditor will even UNDERSTAND the computerized records. Do
they take continuing ed. classes for this kind of thing, or what?
Are lawyers good at explaining computerized records to juries, and
can juries understand the issues here?
As for paying via electronic funds transfer, there are some bills we
MUST pay [no names here] in which the payee has a lot of trouble even
coping with the nineteenth-century technology of a check--because
the of the payee's amazing incompetence. (I could tell such
stories....) Paper records are the only recourse in such instances,
and we always insist on them. Paper records are generally convincing
and have saved us a lot of inconvenience when disputes arise.
[BTW, some creditors charge EXTRA for electronic transfer--not a
factor in this particular case, because there's no way we want them
dealing directly with our bank. We may be rare holdouts, but we're
not overtly suicidal.]
--Constance Warner
On Jul 16, 2009, at 2:32 PM, t.piwowar wrote:
On Jul 16, 2009, at 10:38 AM, Fred Holmes wrote:
Because I need permanent paper records of investments. Computer
data is just too volatile / fragile. Computer records are just
backup, in case the paper records are destroyed. That's not
impossible, but low risk.
You do not need to and paper records are far from permanent. Most
of the economy functions just fine with electronic transactions.
You are a rare hold out and you will find yourself under increasing
pressure to stop your antiquated practice.
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