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What happens to my original check?
After making a digital image, bank may destroy your original check. If necessary, a substitute check may be created. Since substitute checks are legal copies of your original check, there is no need to save original.
What if I need a copy of a canceled check?
Your bank will produce a copy for you.
How does Check 21 relate to electronic check conversion (e-check)?
Check 21 involves creating digital images of original checks, but are still processed under same laws and regulations as paper checks. On other hand, electronic check conversion, or e-check, occurs when a check is converted into an electronic funds transfer. The transaction is then routed through Automated Clearing House (ACH) network.
Who wins?
THE BANKS! Banks will be saving big dollars on their operational costs. Merchant may see faster funds availability but many were already seeing quick funds availability using paper checks. Consumers lose float. So "suprisingly" banks are real winners.
For more information visit http://www.aba.com or http://www.nacha.com
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Wayne Akey has helped numerous businesses reduce costs and increase efficiency. Get your Free Ebooks on "The Secrets of ACH Processing" and "How to Save over 80% on Payment Processing" at http://www.ach-payments.com