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Article: "CHECK 21:" NEW LAW ENDS CHECKING TRADITION

Article from:
The Officer
Article date:
June 1, 2005
Author:
Copyright

Watch out for bouncing checks. Check 21 has taken effect and it could mean that your checks will clear much faster than you're used to. If you don't keep your checking account adequately funded, you may find non-sufficient funds fees piling up.

Check 21, shorthand for Check Clearing for the 21st Century Act, went into effect October 28, 2004. It is designed to modernize the way checks are processed. The bank, or the company you sent the check to, can turn the paper check into an electronic image and speed its image and data through the system. In addition to saving the banking industry billions of dollars in transportation and processing costs, it will avoid situations where transportation ...

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