As a result of "Check 21-The Check Clearing for the 21st Century Act":
A)Banks no longer have to ship paper checks to complete the process of check clearing
B)People can write checks and plan on having a couple of days to make a deposit to cover the check amount
C)Canceled checks can no longer be used as proof of payment
D)The Federal Reserve is no longer involved in the check-clearing process

Question

Quizplus · Accepted Answer

The Check 21 Act allows for banks to create electronic images of checks, which can be used for clearing and settlement processes without needing to physically transport the paper checks between banks. This makes the check clearing process more efficient and cost-effective for banks, and also allows for faster processing times for consumers.

As a Result of "Check 21-The Check Clearing for the 21st