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- Final Amendments to Reg CC Released
- The article refers to the Check 21 legislation. To facilitate check truncation and electronic check exchange, the Check 21 Act authorizes a new negotiable instrument called a "substitute check." A substitute check is a paper reproduction of the original check that contains an image of the front and back of...
- White papers 2004-07-27
- Check 21 Issue Brief - Consumer Protections Under U.S. Check Law
- The Check 21 Act provides protection for consumers against any loss that may occur as a result of their receipt of a substitute check, instead of the original check. This document has been prepared to summarize the application of consumer protections to original checks, check images and substitute checks under...
- White papers 2004-09-14
Additional Resources
- Fed approves proposed rule for Check 21 Act
- A proposed rule to amend Regulation CC and its commentary to implement the Check Clearing for the 21st Century Act has been approved by the Federal Reserve Board. The Check 21 Act becomes effective Oct. 28, 2004.To facilitate check truncation and electronic check exchange, the Check 21 Act authorizes a...
- Research articles 2004-02-01
- New Software Supports Check 21 Act
- As businesses gear up for the impact of The Check Truncation Act, vendors are quick to release products adapted to the pending legislation. Computer Service Professionals, Inc. (CSPI, www.cspi-dyna.com) has released a software module that allows banks and credit unions to download daily in-clearings (also known as 'on-us' transactions) electronically...
- Research articles 2003-12-01
- Check 21: Consumer Protections Under U.S. Check Law
- This document has been prepared to summarize the application of consumer protections to original checks, check images and substitute checks under both traditional check law and the provisions of the Check Clearing for the 21st Century Act ("Check 21 Act"). This document is for discussion purposes only, and nothing in...
- White papers 2004-09-08
- Check 21 Resource Document
- The article refers to the Check 21 legislation. The Check Clearing for the 21st Century Act (Check 21 Act) facilitates significant change in the way checks are processed in the United States. All banks will be affected by this law even if they do nothing to change their current check...
- White papers 2004-03-01
- House approves Check Truncation Act
- Senate Approves as Well-Bill Expected to be Law by Summer's EndJust as the TAWPI Conference was getting underway, the U.S. House passed the Check Clearing for the 21st Century Act, or Check 21 Act, by a vote of 405-0. Just after the TAWPI Expo ended, the Senate passed its version...
- Research articles 2003-08-01
- Check 21 Legislation: What Must be Done Now and What can Wait Regarding the Check 21 Act
- The article refers to the Check 21 legislation. Check 21, or "Check Clearing in the Twenty-First Century Act", is an initiative by Congress to revise the rules governing the exchange of checks between financial institutions, which essentially enables a more electronic check collection system for the country. While it does...
- White papers
- Check 21 Resource Document
- The Check Clearing for the 21st Century Act (Check 21 Act) facilitates significant change in the way checks are processed in the United States. This paper contains an overview of Check 21, common terms with definitions, examples of substitute checks, where substitute checks can be found, and a list of...
- White papers 2004-03-01
- Check 21 launches a new era of payment processing
- Payment processing in the United States is undergoing its most significant change in 50 years, dramatically changing the way check-based financial transactions are cleared and settled.The catalyst behind this change is the passage of the Check Clearing for the 21st Century (Check 21) Act scheduled to take effect October 28....
- Research articles 2004-06-01
- Check 21 Rules Present Banks With New Challenges
- The Check Clearing for the 21st Century Act, which will go into effect Oct. 28, will allow financial institutions that receive a check from another bank to send an image of the check rather than the physical paper check to the paying bank. As a result, new image exchange, archiving...
- White papers 2004-09-06
- A Consultative Approach to Check Truncation & Image Exchange
- Conditions in the financial services industry are changing dramatically. New landmark legislation and check electronification and conversion initiatives are contributing to the industry's overall decline in paper check volume. With the volume of paper-check processing in decline it is imperative for financial institutions to optimize their payments and reduce their...
- White papers 2004-06-02
- Electronic Check Clearing Rules Scheduled to Be Published; Fiserv Representatives Available to Discuss Implications of Check 21
- WHAT: The Check Clearing for the 21st Century Act, also known as Check 21, will be enacted on October 28. The Fed's rules or language guiding this act are scheduled to be released on July 28. ...
- Research articles 2004-07-27
- Whether Check 21's News Is Good Or Bad Depends On The Viewpoint
- The good news: the Check Truncation Act, or Check 21, will mean checks will clear faster. The bad news: Check 21 will mean checks will clear faster. The good news: the Check Truncation Act, or Check 21, will mean checks will clear faster. The bad news: Check 21 will...
- Research articles 2003-12-15
- Fed Releases Final Rules For Check 21
- Credit unions can move forward with their Check 21 compliance plans with confidence now that the Federal Reserve has issued its final rule and language regarding the Check Processing for the 21st Century Act."The final rule is substantially similar to th Credit unions can move forward with their Check 21...
- Research articles 2004-08-02
- How Check 21 Will Impact Your Business: 3 Ways the Banking Act Will Affect Entrepreneurs
- This article focuses on the Check 21 legislation and the effects it would have on entrepreneurs. In a nutshell, Check 21 allows banks to replace paper checks with a digital copy of the check, called a substitute check. Once a paper check has been transformed into a substitute check, the...
- White papers 2004-09-13
- Check 21 (the Check Clearing for the 21st Century Act) Potential Opportunities and Implications for Financial Institutions
- Check 21 aims to facilitate the broader use of electronic check processing, without requiring any bank to change its current check collection practices. Its many proponents believe that the law represents an important step in streamlining check processing and, in doing so, reducing some of the risks inherent in today's...
- White papers 2004-06-10
- Check 21 to Improve Check-Clearing Efficiency
- This paper briefs how Check 21 can help in improving check-clearing efficiency. Check 21 will primarily affect banks. It aims to improve check-clearing efficiency by facilitating check truncation, i.e., removing the original paper check from the clearing process. Check 21 gives banks the ability to remove the original paper check...
- White papers 2004-06-02
- IMAGING: Getting Serious About Check 21
- Banks rev up technology as legislation gets closer with federal legislation pending to give electronically imaged checks the same legal status as paper checks, more banks are looking seriously into imaging technology. The latest version of the Check Truncation Act CTA-known as Check 21 or Check Clearing for the 21st...
- White papers 2003-05-01
- Is Your Check 21 Implementation a Fraud Hazard?
- The implementation of the Check Clearing for the 21st Century Act (?Check 21?) in the U.S. means that check-handling and collection will experience a drastic increase in speed, but it also portends other seismic issues in the financial services industry - some that are especially foreboding. First, converting paper checks...
- White papers 2004-08-01
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