Check 21 Promises Greater Choices, Efficiency, Innovation

Topics:
Commercial Banking
Tags:
Check 21,
Federal Reserve Bank Of Richmond,
Financial Services,
Innovation
Source:
Federal Reserve Bank of Richmond

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Overview: This paper discusses the Check 21 Legislation. Although checks remain the most popular form of non-cash U.S. retail payments, it's no secret that the current check collection and return process is both costly and labor intensive. Good news?help is on its way. Pending legislation known as the Check Clearing for the 21st Century Act, or Check 21, will offer an alternative to today's paper-based system by allowing banks to take advantage of electronic check presentment and return capabilities.

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Format: PDF | Size: 46KB | Date: Nov 2003 | Pages: 2

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