Can institutions or their customers opt out of Check 21?
No. Under the Act, no institution or any of its customers may “opt out” of the Act; all checks are eligible to be converted to substitute checks and all parties that receive checks must accept the substitute check in lieu of the original paper check. If bank customers receive checks back with their statement, they may get substitute checks instead of original checks. Check 21 affects all customers of banks, savings & loans and credit unions. This includes consumer customers, corporate customers and governmental agencies.
No. Under the Act, no institution or any of its customers may opt out of the Act; all checks are eligible to be converted to substitute checks and all parties that receive checks must accept the substitute check in lieu of the original paper check. If bank customers receive checks back with their statement, they may get substitute checks instead of original checks. Check 21 affects all customers of banks, savings & loans and credit unions. This includes consumer customers, corporate customers and governmental agencies.
No. Under the Act, no institution or any of its customers may “opt out” of the Act; all checks are eligible to be converted to substitute checks and all parties that receive checks must accept the substitute check in lieu of the original paper check. Check 21 affects all customers of banks, savings & loans and credit unions. This includes consumer customers, corporate customers and governmental agencies.
No. Under the Act no institution or any its customers may “opt out” of the Act; they all must accept the substitute check in lieu of the original paper check. This includes all depository financial institutions (DFI) as defined by the Federal Reserve Act and includes every customer of a DFI. This includes, for example, but is not limited to consumer customers, corporate customers and governmental agencies.
