After the effective date of October 28, 2004, banks will not have a choice in accepting substitute checks if they are presented for payment or included in a return item letter. Substitute checks will have all the legal trappings of their original checks.
Customers who receive checks back in their statements will similarly not have a choice in accepting substitute checks instead of the originals.
Banks will not be required to accept image presentment without an agreement.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8