ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release March 11, 2004
E-mail: [email protected]

ACB, OTHERS ISSUE CHECK 21 GUIDE

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Joint News Release

WASHINGTON,D.C. — Sixteen financial service organizations have joined together to publish a resource document of common payment terms relating to implementation of the Check Clearing for the 21st Century Act, also known as Check 21. The purpose of the guide is to help organizations – and their members – use consistent definitions when training their staffs and to reduce possible customer confusion.

Available to all organizations’ members free-of-charge, the 20-page guide contains an overview of Check 21, common terms with definitions (such as substitute check, reconverting bank and legend), examples of substitute checks, where substitute checks will be found and industry resources.

Paving the way for efficient, image-based electronic processing, Check 21 will facilitate significant changes in the way checks are processed in the United States. At the heart of Check 21 is the creation of the substitute check, which is a paper copy of the front and back of the check and has all of the legal properties of the original. This law will affect all banks and their customers (consumers and businesses) in that they have the potential to receive a substitute check.

The contributing organizations urge anyone who is developing material for training or education on Check 21 to use this document as a resource for the correct terms, examples of substitute checks and other key points. This will promote consistency in the industry.

Organizations that assisted with the Check 21 resource document include: American Bankers Association, America’s Community Bankers, BAI, Bank of America, BITS, Consumer Bankers Association, Credit Union National Association, Electronic Check Clearing House Organization, Electronic Clearing Services, Federal Reserve Board, Federal Reserve Banks, Financial Service Technology Consortium, Independent Community Bankers of America, NACHA – the Electronic Payments Association, Wachovia and Accredited Standards Committee X9.

Click here to read the Check 21 Resource Guide.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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