How are checks processed now?
Traditional check clearing involves the physical movement of paper checks from the location where the check was deposited, to the bank where the funds will be drawn. If there are insufficient funds in the account, the check is sent back to the original bank of first deposit. In total, this process can take several days. One of the goals of Check 21 is to reduce the time it takes for checks to clear, relying more on automation and less on manual check processing. There are also current alternatives to processing paper checks. With your authorization the information from your check can be used to make an electronic payment that typically clears the bank the following day. If you are a Wachovia customer, these transactions will appear in the automated checks section of the statement.
Traditional check clearing involves the physical movement of paper checks from the location where the check was deposited, to the bank where the funds will be drawn. If there are insufficient funds in the account, the check is sent back to the original bank of first deposit. In total, this process can take several days. One of the goals of Check 21 is to reduce the time it takes for checks to clear, relying more on automation and less on manual check processing. There are also current alternatives to processing paper checks. With your authorization the information from your check can be used to make an electronic payment that typically clears the bank the following day.
Traditional check clearing involves the physical movement of paper checks from the location where the check was deposited, to the bank where the funds will be drawn. If there are insufficient funds in the account, the check is sent back to the original bank of first deposit. In total, this process can take several days. One of the goals of Check 21 is to reduce the time it takes for checks to clear, relying more on automation and less on manual check processing.
