CHANGES TO CHECKING
Do you still have a checking account in a U.S. bank that returns your original cancelled checks to you every month? If so, that’s going to end in October. Original cancelled checks are going the way of the dinosaur.
Congress passed the Check Clearing for the 21st Century Act last October, and the law becomes effective October 28, 2004. The main goal of “Check 21,” as the law is popularly known, is to avoid the necessity of original paper checks being transported all around the country when electronic transmission is faster. There is, of course, a downside: since your check clears faster, you must have money in the account to cover what you write. It will also be harder for consumers to spot and prove forgeries using original documents.
Banks are developing industry standards to comply with the new act. If you are used to getting your original checks in the mail, you might want to check with your financial institution as to what they’re going to do with YOUR checking account after October 28.
For more information, please visit http://www.consumerlaw.org/initiatives/check21.shtml. This website, however, contains information not endorsed by the U.S. Government.
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