Senate Approves Long-Awaited Check 21 Bill

Register now

The Senate voted final approval of the Check Truncation Act (Check 21), which will let credit unions and banks process all checks electronically. The bill, which is expected to be signed into law by President Bush, will provide substantial cost savings for credit unions by allowing them to eliminate handling and processing of paper checks. Credit union members who want to receive paper checks would still be able to request a substitute check, or paper receipt of the transaction.

For reprint and licensing requests for this article, click here.