Check 21

WHAT YOU SHOULD KNOW ABOUT YOUR CHECKS IN THE 21ST CENTURY?
A new federal law, effective October 28, 2004, facilitates the electronic exchange of checks, which will permit quicker and safer processing of checks. Credit unions and other financial institutions will now be allowed to treat an electronic image the same as the original check itself. The law is called the Check Clearing for the 21st Century Act or Check 21 for short.

HOW WILL THIS LAW AFFECT YOU?
When your check clears, the credit union’s processor will take “a picture” of the check, which under the new law becomes a legal “substitute check” containing all of the information of the original. This substitute check then can be transported electronically to banks and credit unions rather than transported by truck or plane. This new efficiency will allow checks to clear faster, reduce check fraud, increase security and saves costs for the entire financial industry.

We value the trust you have shown by having your checking account with the Haverhill Teachers Credit Union. The law will cover all financial institutions. It is a new era for easier, faster financial transactions, and we are prepared to provide you with uninterrupted service as we take advantage of the latest technology and comply with new laws. In the meantime, if you have any questions, please let us know by calling or stopping by to get a Check 21 pamphlet.