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Article: check fraud liability: IN THE WAKE OF CHECK 21
- Article from:
- Northwestern Financial Review
- Article date:
- March 15, 2007
- Author:
CopyrightCopyright NFR Communications Inc Mar 15-Mar 31, 2007. Provided by ProQuest LLC. (Hide copyright information)
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The Check Clearing for the 21st Century Act, better known as Check 21, is revolutionizing check processing. By allowing banks to convert checks into electronic images, Check 21 and the accompanying modifications to Regulation CC have the potential greatly to reduce administrative costs associated with physically transporting and storing checks. In addition, processing times can be reduced, and many banks are even developing various remote capture products that provide merchants the ability to scan checks at their stores for direct deposit into their accounts at the bank. Clearly Check 21 and its implementing regulations can be of great benefit to banks and the check processing system as a ...