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Check 21 Disclosures

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Question: 
Does notification of Check 21 have to go out to all customers, including savings and time account holders, or just to transaction account customers?
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

First published on 11/15/2004

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