FRB Check Clearing Center Closings
The FRB will continue to shut down check clearing centers throughout 2004 and 2005. The number of paper checks currently clearing through the system is dropping. The FRB expects that with Check 21, this trend will continue. Closing the offices is part of the FRB's plan to re-engineer the check clearing system and be prepared to support electronic options.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 6, 6/04
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