check clearing

Check clearing is the name some folks use to describe the process banks use to record your checks, remove the funds from your accounts and transfer them to the accounts of the people or businesses you wrote your checks to. After that happened you used to recieve the canceled checks back with your next statement. Check clearing under the new "Check 21 Act" is now handled differently. The big difference is that speed of processing has increased significantly making the "float" time some people routinely used to take advantage of banks a very dicey proposition - unless you enjoy paying bank fees for bouncing checks or overdrawn accounts. Another big difference in check clearing under "the Check 21 Act" is that banks no longer are required to return your cancelled checks with your statement. Instead, they now scan your cancelled checks and return with your statement only pages of smaller sized prints of your scanned checks on 8 1/2" x 11" sheets of paper. What's missing however is the back of your check which can be very telling if the wrong person or business cashed it either in error or for fraudulent purposes.

check clearing news:

Monetra 7.4.0
Monetra is a scalable payment processing engine for Linux, Unix, and Windows. It is designed to handle credit, debit, gift, EBT, and check authorizations and is certified to support major clearing house protocols.

NBC's 'America's Got Talent' tops Nielsen ratings
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National Pow Wow in Grand Prairie celebrates Indian dance, arts and heritage
By HERB BOOTH / Special Contributor to The Dallas Morning News E-mail herbviv@sbcglobal .net with tips for this column.

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