Won’t the new highly touted “Check 21” legislation solve all our bad check problems?
Actually, No. “Check 21” is designed by and for the banks to expedite the collection of their bank charges for bounced checks. The old method of returning the paper check to the depositing bank, than having it re-deposited took one or two days. Now the bank can electronically present the check twice in a few seconds, collect their fees, and return the dishonored check to the merchant or professional practice to attempt to collect the funds owed them. “Check 21” while benefiting the bank, in reality, exacerbates the problems for the business receiving the check.
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- Won’t the new highly touted "Check 21" legislation solve all our bad check problems?
