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Update On Check 21
The BAD News is…
In a news release on June 22, the results of an online consumer poll with responses from over 2,000 checking account depositors gave bankers an unwelcome wake-up call. The poll, conducted by Harris Interactive for NCR Corporation, found 95% of the members and customers contacted were completely unaware of Check 21, which goes into effect October 28.
A 2003 Global Concepts report found that about 41% of U.S. banking customers currently receive canceled paper checks in the mail. Check 21 will have the most impact on those people.
And the GOOD News is…
Good news for bankers from the poll was the finding that 87% of the respondents like the convenience of being able to access canceled checks online. 79% also said they considered image-based statements convenient.
These last two facts are encouraging news to those responsible for consumer education and to marketing officers concerned with depositor acceptance of the new legislation.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 4, 7/05
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