The efficient effects of check processing due to Check 21 are as follows:
The existence of Check 21 has allowed the procedure of check processing to become simple and efficient.
It has allowed banking institutions to electronically process more and more checks rather than physically transporting the paper checks from one bank to the other.
Banks now have the liberty to scan or take a picture of the check from the front and the back, through a camera or a scanner, along with the related payment information. Then, this captured information can be electronically transmitted to other banks.
In case there arises a situation that the customer or the receiving bank needs the paper check, the bank is free to use the electronic image of the check and the associated information and to create or print a substitute paper check copy.
This efficient check processing procedure has allowed banks to drastically reduce their expenses.
However, looking into the security aspect of electronic check processing, the banking system ensures a reliable, trustworthy, and safe way of processing payments based on electronic check deposits. Appropriate technologies have been developed for taking care of security.
Check truncation eliminates paper checks from the check processing system to make the digital copy of the same or make a substitute check using that digital copy of the original paper check. The digital or the electronic copy is made when both the sides of the paper check, containing the financial information, is scanned using a camera or a scanner.
This procedure allows banking institutions to take advantage and avail the benefits of the Check 21 Act. Further, to avail the benefits of the act and check truncation, it is preferable but not necessary for banks upon whom the check is drawn to be technologically sound to send or receive the substitute checks. Once the process of check truncation has been done, banking institutions or business corporations are free to use the electronic copy of the or even its print, i.e., the substitute check, instead of the original paper check.
Effects of Check 21 Act on Customers
Few ways in which the customer is likely to be affected, as a consequence of Check 21 are as follows:
Customers may experience faster processing of the checks, and therefore, money would be deducted faster from the account of the one who has issued the check.
Since the process is faster, the one signing the check must check the sufficiency of funds in the account from which the payment is to be done.
Customers get the liberty to ask for a copy of the paper check after it gets processed to maintain personal records.
Not every time would the customer ask back for the processed paper check, as the receiving bank decides whether to keep the check or destroy the same. No law requires the bank to store the original paper checks after a prescribed reasonable period.
There are certain rights that the customer gets when some checks are electronically processed.
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