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"Anarchy is not chaos, but order without control." »» David Layson
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Turning Check 21 To Your Advantage
Posted on May 13, 2008 - Filed Under Business, Personal Finance | Leave a Comment
In 2004 Congress passed the Check Clearing for the 21st Century Act, better known as Check 21. This allowed banks to accept the scanned image of a check in lieu of receiving the physical check. It saved the banks a fortune in transport and handling costs as well as allowing checks to “clear” within 24 hours of receipt by a merchant essentially ending the “float” depended on by both the impoverished and scammers everywhere. None of this was good for…
