Checks Won't Float

By: Lindsay Liepman
By: Lindsay Liepman

The days of floating checks are officially over Thursday. Thanks to a new law, all checks will be electronically transmitted for payment similar to a debit card.

A check that used to take a couple of days to clear, could now clear within a day.

Check 21 as it's called allows banks to take electronic images.

This means you won't get posted checks back in your bank statement anymore.

Banks are responsible for notifying customers of the change, 30 days in advance.

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