Check 21 Legislation: What Must be Done Now and What can Wait Regarding the Check 21 Act
- Topics:
- Commercial Banking
- Tags:
- Check 21,
- Financial Services
- Source:
- The Bankers Exchange
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Overview: The article refers to the Check 21 legislation. Check 21, or "Check Clearing in the Twenty-First Century Act", is an initiative by Congress to revise the rules governing the exchange of checks between financial institutions, which essentially enables a more electronic check collection system for the country. While it does not require banks to change the way they collect checks it does make check reproductions an option, and therefore indirectly does require any bank and its customers to accept such paper reproductions of original checks when requested by any institution choosing that option.
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Format: HTML | Pages: 2
