Electronic Banking: The Check Truncation Issue
- Topics:
- Commercial Banking
- Tags:
- Bank,
- Banking,
- Check 21,
- Congressional Research Service,
- Electronic Banking,
- Financial Services
- Source:
- Congressional Research Service
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Overview: The clearing process for checks is more expensive than other methods of payment, which are cleared electronically, such as credit cards and Internet banking. The main reason is that check clearing requires banks to physically present and return checks unless they obtain legal agreements to clear electronically. This report focuses on the check clearing for the 21st Century Act of 2003, which would eliminate the requirement to physically return the original checks to the paying bank.
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Format: PDF | Size: 223KB | Date: Jul 2003 | Pages: 15
