| Q: | What is the Check 21 Act? |
| A: | It means that check processors will be able to create a "substitute check" which is a copy of the front and back of the original check. The "substitute check" will be treated the same as having an original check. Once the substitute check is created, the original check is then taken out of circulation. |
| Q: | When does it go into effect? |
| A: | October 28, 2004 |
| Q: | What will change about the way that I receive my periodic bank statement? |
| A: | Nothing,
your bank statement will be exactly the same. All of your checks
will continue to be listed on your statement in the same manner. |
| Q: | How will the Check 21 Act affect float time? |
| A: | Faster check processing will be the outcome of the Check 21 Act. The float time (the time between writing a check and cashing the check) will be reduced due to the check being processed as a substitute check and there will be no physical transporting the original checks to the financial institution. |
| Q: | Is a substitute check the same as an e-check? |
| A: |
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