Checks Are Changing - Consumers and Check 21
- Topics:
- Commercial Banking
- Tags:
- Check 21,
- Financial Services
- Source:
- American Bankers Association
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Overview: In October 2003, the Check Clearing for the 21st Century Act became law. Now known simply as Check 21, the legislation's goals include improving the overall efficiency of the nation's payments system. Today, most checks must be physically transported û whether across town or across the country û before they can be cleared. This is expensive and time-consuming. Check 21 provides a new option: legal acceptance of paper reproductions of original checks. This article presents some of the benefits of the Check 21 legislation.
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Format: HTML | Pages: 4
