Dispelling Prevalent Industry Myths: Reality Check 21

Topics:
Commercial Banking
Tags:
Check 21,
Check 21 Legislation,
Financial Services,
Industry,
Mellon
Source:
Mellon

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Overview: Check 21 legislation allows a substitute check to be presented in lieu of the original document. It is designed to promote the use of electronic exchange as an optional means of payment transportation. Intended to spur innovation in the check clearing process, Check 21 is creating both controversy and confusion about how checks will be cleared, who will be responsible for various aspects of the new clearing process and what impacts this will have on businesses. This article explains the reality of Check 21, by assembling and dispelling - some common myths surrounding the Act.

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Format: PDF | Size: 56KB | Date: Nov 2004 | Pages: 2

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