Check 21
Check 21 processing allows all paper checks to be processed electronically through check imaging and image exchange. An original check is removed from the deposit process and an image replacement document or IRD, is then considered the legal representation of the check. These checks are not covered by federal and state EFT (Electronic Funds Transfer) laws. This freedom permits all non-foreign checks to be electronically processed including corporate checks, consumer checks, money orders and travelers checks. Electronic checks clear faster, return notification times are decreased, trips to the bank are minimized, and bank fees are reduced.
About Check 21
The Check Clearing for the 21st Century Act (Check 21) was signed into law on October 28, 2003, and became effective on October 28, 2004. This law enables banks to replace paper checks with substitute checks made from digital copies. These checks can then be exchanged electronically rather than being physically transported from bank to bank.
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