Your checks may clear the same day -, South Georgia News, Weather, Sports

Your checks may clear the same day

October 29, 2004

Albany - For all those who rely on their checks clearing a few days after they're written, a change in habits may be ahead.

A federal law called Check 21 is now in effect.

Banks will start using imaging machines so they can electronically send an image of your check to the Federal Reserve, instead of by truck.

If your bank is equipped with this machinery, a check could potentially clear the same business day.

You will then get a legal copy of your check with your monthly statement instead of the original.

Banks believe this system will reduce fraud, because they can track fraudulent activity quicker.

posted at 4:49PM by

Powered by Frankly