BVL Vol. 21: Understanding Check 21


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Script/Presenter: Barbara E. Hurst, Editor, Bankers’ Hotline

Explaining the regulation to your staff and your customers

The loss of all air transportation following the attacks on September 11, 2001 made the financial industry face the glaring reality that it had to find a better way to transmit transactions. Even after the resumption of normal exchange times between Federal Reserve Districts, the economy was slow to recover.

With the input and advice from experts in the financial industry, the U.S. Congress passed the Check Truncation Act of 2003 ('Check 21'), which changed completely the way we transmit and collect checks.

This video explains the route checks take under 'Check 21', the collection times involved, the return procedures, and other details of the law and the regulations in such a manner that all employees can understand the system. Special attention is given to the fact that many times the explanation of certain circumstances must also be given to the customer.

(Runs approximately 20 minutes)

  • Explanation of Check 21 acronyms - IRD, LAR, COF, CTA and more
  • Expedited re-crediting
  • Path of a check - and its return
  • Effect on Fraud
  • Complications created by 'Check 21'
  • Special handling

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    • Model: VID-V21
    • Manufactured by: Bankers Video Library

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    Format (Video)

    This product was added to our catalog on Thursday 20 May, 2004.

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