check 21

The "Check 21 Act" is short for "The Check Clearing for the 21st Century Act" and provides new rules for both banks and check manufacturers. The "Check 21 Act" was written ostensibly to make banks function in a more streamlined manner following the paralysis that struck the banking industry after 9/11. Congress, in their wisdom, passed the law recently. It's a few pounds of paper that can put all but avid economists to sleep in under two minutes. A side benefit of the act for the banking industry is that they are no longer required to return your actual cancelled bank check. Instead, you will now receive a scanned and reduced reproduction of your bank check. Unfortunately, the back of your bank check, showing who cashed or deposited it, is missing. The long and the short of this check 21 Act is that check manufacturers are limited by law as to what they can and cannot include in the design of a check and that banks are not obliged to return your cancelled checks to you. But the check 21 Act just seems to save banks the extra postage and handling necessary to return your financial documents to you.

check 21 news:

Obama has small-check donor advantage over Romney
WASHINGTON (Reuters) - It does not guarantee him re-election in November, but it is an advantage President Barack Obama is likely to carry into the fall: a broad base of supporters who have given him the symbolic vote of confidence with a donation of less than $200. Known as small donors, these people are personally invested in a candidate's march to becoming president, many ready to become ...

Weekend Investor: Don’t write bank stocks a big check
Money managers and strategists chime in on the prospects for the U.S. financial sector and how they are approaching these stocks, which have enjoyed a strong rally.

Thief Cashes Check 21 Minutes Later
Omaha police are asking the public to help find a suspected thief. An 80-year-old man says Edward Mason came to his home last week claiming he had done work on his roof within the past year. Mason was allowed access to the roof and talked the man into fixing some damage for $7,000.

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