Check 21: new US legislation for personal checking

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10-26-2004, 08:50 AM

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Check 21: new US legislation for personal checking

Posted By: bcornell

FYI-

Check21 is a new piece of legislation going into effect on Thursday. There are a lot of Internet explanations about what it entails. The gist for collectors is that all personal checks will now all clear electronically, which means that relying on "float" (i.e., writing checks w/o covering funds) will be a very bad idea. It should also, ideally, mean the end of these archaic "must wait 5-10 business days" payment rules from sellers: checks will now clear almost immediately.

Bill

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