The fdic has created this webpage to inform consumers about the new check 21 law which became effective on october 28 2004 the check clearing for the 21st century act is a federal law that is designed to enable banks to handle more checks electronically which should make check processing faster and more efficient traditionally banks often . The check clearing for the 21st century act check 21 is a federal law that took effect on october 28 2004 and gives banks and other organizations the ability to create electronic image copies . Frequently asked questions about check 21 the check clearing for the 21st century act check 21 was signed into law on october 28 2003 and became effective on october 28 2004 check 21 is designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. Check clearing for the 21st century act foundation for check 21 compliance training background the economics of the check business is changing declining check volumes and a largely fixed cost based check processing infrastructure have caused banks unit costs for processing paper checks to rise accordingly many banks have begun to seek less costly alternatives to sorting paper checks and
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