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Check Clearing Enters the 21st Century
December 28, 2004
Federal legislation known as the Check Clearing for the 21st Century Act or "Check 21" became law in October 2004. The new law changed the way checks clear, improving the efficiency of the nation’s check payment systems.

Prior to Check 21, checks were physically transported from one financial institution to another before they could clear. This was an expensive and time consuming process. Check 21 allows financial institutions to accept digital images of original checks called “substitute checks” for electronic processing. This reduces transportation time and costs, and enables checks to clear faster. In addition, Check 21 reduces check fraud in 2 ways:
  1. Speeds check clearing so fraud can be discovered faster.
  2. Requires financial institutions to verify a check for accuracy prior to creating a substitute check.
Check 21 affects the consumer in that checks might clear accounts faster. In order to avoid overdrafts and returns (and related fees), bankers are advised to have enough money in their account prior to writing a check.


News Article Contact -  Jim Nazario
Director, Marketing Operations
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