Goodbye Float
Julie Tripp writes in the Oregonian on some of the implications of Check 21.
A shortened float is only one repercussion of the new law, which has pluses and minuses for consumers. For banks and credit unions, on the other hand, the law's provisions are pretty much uniformly positive: They'll save $2 billion or more annually by eliminating paper checks; their fees from bounced checks and copying charges are expected to rise; they won't have to devote as much staffing to back-office processing; and shortened clearing times could reduce costly check fraud.
Tripp goes on to say some industry experts expect higher levels of check fraud as a result of the implementation of Check 21.
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