TITLE

Check Remains King Even in Face of Truncation

AUTHOR(S)
Murphy, Patricia A.
PUB. DATE
November 2003
SOURCE
Bank Technology News;Nov2003 Supplement, p9
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on the effect of the passage of the Check Truncation Act known as Check 21 on the usage of checks in future. It is viewed that this law is expected to prolong the life of checks by making them more efficient. Check writing continues to be one of the most popular mode of payment even in the declining market in the U.S. Check 21 encourages check truncation by enabling banks to exchange electronic check images instead of paper. A new payment instrument known as the substitute check is introduced by the law for promoting check truncation.
ACCESSION #
19980625

 

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