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New Law Gives Electronic Check Processing a Go.(Brief Article)
The Check Clearing for the 21st Century Act, which was signed into law almost a year ago, will become effective on Oct. 28, according to the Washington law firm Lotstein Buckman LLP.
The purpose of the Check 21 Act is to facilitate check truncation by creating a new negotiable instrument, a substitute check, which would permit banks to process check information electronically. This will provide for a reduction in the costs associated with processing checks, which are expected to clear faster than they did under previous check clearing procedures, the law firm said.
According to Lotstein Buckman, the Check 21 Act will virtually eliminate the "float period" associated with most checks. The float period is the "grace period" between when you write a check and when that check is presented to your bank for payment.
Under the law, financial institutions will ...
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