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Check
21 |
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The Check Clearing Act of
the 21st Century, known better as Check 21, took effect
on October 28, 2004. This legislation was designed to promote
greater efficiency in the check processing system. |
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With Check 21, financial
institutions are able to create an image or “substitute check” in
place of your original check. This image can be sent electronically
across the country allowing for faster check clearing, increased fraud
prevention by reducing clearing time, faster error resolution and fewer
delays due to severe weather or disasters. This legal document can be
used in the same way that you would use your original check. |
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(example of a substitute check) |
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Advantages: |
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Faster check fraud detection and resolution |
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A substitute check can easily be created from the archive
for proof of payment for legal purposes |
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Ability to retrieve check images through Bank Online |
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Faster error resolution if an problem is detected |
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Check processing time is sped up (this also requires that
you have sufficient funds in your account at the time you write a check) |
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For more
information, click on the following information below: |
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Frequently Asked
Questions |
Substitute Checks & Your
Rights |
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