![]() The economics of the check business is changing. Declining check volumes and a largely fixed-cost-based check processing infrastructure have caused banks’ unit costs for processing paper checks to rise. Accordingly, many banks have begun to seek less costly alternatives to sorting paper checks and transporting them physically around the country on a daily basis. For example, some banks have begun to exchange electronic images of checks. However, under current check law, a bank must present the original paper check for payment unless the paying bank has agreed to accept electronic presentment. Because of the large number of banks and the unwillingness of some paying banks to receive checks electronically, it is difficult, if not impossible, for a bank to obtain electronic presentment agreements with all other banks. As a result, banks that want to engage in electronic check exchange on a widespread basis have been hampered in their ability to do so. Check Clearing for the 21st Century Act: Foundation for Check 21 Compliance Trainingįoundation for Check 21 Compliance Training BACKGROUND.Consumer Compliance Issues (10 minutes).Check Clearing Under Check 21 (3 minutes). ![]() Overview of the Act and Final Regulation. ![]()
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