Check 21 Help for Consumers
On the theory that any consumer that has been relying on float to balance the checkbook is in for a rude shock (and hopefully the shock doesn't include bounce protection), the FRB has issued two consumer information booklets that provide information about Check 21.
One booklet, Consumer Guide to Check 21 and Substitute Checks, explains the principles behind Check 21 and illustrates what a substitute check will look like. It deals with the obvious questions consumers are likely to have and anticipates the mistakes they are likely to make. The second booklet, What You Should Know about Your Checks, explains both Check 21 issues and electronic transfers made using checks.
Both brochures are available from the Federal Reserve. They are available to you in printable format which you can download from the FRB's web site, www.federalreserve.gov. These booklets can be invaluable in helping your customers - and your institution - through the early days of Check 21. Most consumers have no idea what happens to a check after they present it to their bank. They have never seen the check proofing and sorting process and have no idea about the Federal Reserve Bank's role in check-clearing. The booklets should help answer a lot of questions.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 12, 11/04
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