INFORMATION PLEASE.....

Here is a list of things you need to know

CHECK 21 QUESTIONS AND ANSWERS

• An Important message from your Credit Union
• Quick Tip:  It's not a good idea to float checks.  A new law permits quicker and safer processing of checks.  Some checks will clear more quickly.
• What you should know about your checks in the 21st Century
• A federal law, effective October 28, 2004, facilitates the electronic exchanges of checks, which will permit quicker and safer processing of checks.  Credit unions and other financial institutions will now be allowed to treat an electronic image the same as the original check itself.  The law is called Check Clearing for the 21st Century Act or Check 21, for short.
• How will this law affect you?
• When your check clears, the credit union's processor will take a "picture" of the check, which under the law becomes a legal "substitute check" containing all of the information of the original.  The substitute check can then be transported electronically to depository banks and credit unions rather than transporting it by truck or plane.  This new efficiency will allow checks to clear faster, reduce check fraud, increase security and saves costs for the entire financial industry.
• What protections are there with substitute checks?
• The check 21 Act provides members like you with specific rights.  If you believe the substitute check does not accurately reflect the transaction, contact us immediately or you may submit a claim in writing.  And after an investigation, if warranted, your account my be recredited.
• What if a business won't accept the substitute check as proof of payment?
• Courts and businesses will all be required to accept the substitute check as proof of payment.
• How does the Check 21 law affect the possibility of fraud or identity theft?
• The check images are protected by the security of electronic methods, and there's less human contact.  Paper checks are taken ut of the processing system and reduce the ability for someone to commit check fraud.
• How will Check 21 affect the amount of time a check clears?
• Checks will clear more quickly because the processing will be done electronically.  New technology reduces the time between the money leaving your account and reaching the recipient of the check.  You will need to keep a closer eye on your account to make sure you have money to cover your checks.
• Can I use any pen to write my checks?
• No.  Checks written with gel pens are not able to scan.  A regular ball point black or blue pen is best.  Any other colored ink should be avoided as well.  A clear copy of a check will not be able to be provided if the ink is not readable.

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