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:

Hurricane Dolly slams South Texas, but levees hold
Hurricane Dolly barreled into South Texas on Wednesday, lashing the coast with winds up to 100 mph and dumping heavy rain that threatened to flood low-lying areas but spared levees along the heavily populated ...

Story: News Briefs
ES Rotary to hold auction Eureka Springs Rotary Club will hold a "Going for the Green" auction Friday, Sept.

Wall Street rises on oil drop, housing plan optimism
Stocks rose on Wednesday as financial shares climbed on optimism about a rescue plan for mortgage finance companies Fannie Mae and Freddie Mac and as the price of oil fell.

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