Answer:
The consumer-awareness disclosure will have to be sent to consumers who regularly receive paid checks in their statements. In addition, a notice will have to be given to each consumer customer who receives a substitute check (for example, this would include a savings customer who receives a charged-back deposited check that is a substitute check), and to a consumer who requests and receives a substitute check. Reference is to the proposed Section 229.57 of Regulation CC.
But a savings customer who never receives a substitute check (such as a charge-back) need not receive the Check 21 awareness notice.
First published on BankersOnline.com 11/15/04