Some banks have reported that they have been receiving IRDs for at least one month and have asked why they are receiving IRDs now rather than after October 28, 2004 – the effective date of the act?
Response: Some banks are already implementing the provisions of the Check 21 Act as a reconverting bank. However, a bank that is receiving IRDs needs to check with its state’s Uniform Commercial Code (UCC) to determine whether it should accept IRDs prior to October 28, 2004, or if state law prohibits check truncation or the acceptance of anything other than the original item.
Related Questions
- Some banks have reported that they have been receiving IRDs for at least one month and have asked why they are receiving IRDs now rather than after October 28, 2004 – the effective date of the act?
- Can an employer add the reported tips to just one payroll a month, even a special payment separate from the regular wage payment, and pay only the wage amount on the other payroll dates?
- Should the NPI be reported on all proprietary forms effective December 17, 2007?
