Check 21 Bill Is Hailed, But Many See Big Issues

Financial services executives like to call Check 21 the legislation that will finally let banks and credit unions start exchanging images of checks. However, the reality is far narrower. Neither the House nor the Senate versions make much mention of check images or image exchanges. Both would requir...

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Bibliographic Details
Published in:Credit Union Journal 2003-07, Vol.7 (29), p.23
Main Author: Wade, Will
Format: Article
Language:English
Subjects:
Banking industry
Banks
Bills
Check imaging
Check processing
Consumers
Credit unions
Financial services industry
Laws, regulations and rules
Legislation
Presidents
Reconciliation
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Summary:Financial services executives like to call Check 21 the legislation that will finally let banks and credit unions start exchanging images of checks. However, the reality is far narrower. Neither the House nor the Senate versions make much mention of check images or image exchanges. Both would require banks and credit unions to accept replacement checks, which are, in fact, paper. However, that rather limited requirement would have huge implications, said C. Grant Cole of Bank of America Corp. Replacement checks - which are simply printed versions of digital check images - are just a stopgap until consumers and banks feel more comfortable with electronic image files, he said.
ISSN:1521-5105