The Federal Reserve Board on Thursday completed a change in Regulation CC, giving banks more options for returning checks electronically. Effective Dec. 15, a depository bank may agree with a paying or returning bank to accept images or other electronic notices of dishonored checks. However, the Fed warned, "those banks may be responsible . for any losses caused by the handling of check returns under such agreements." Such a system, according to the Fed, will lead banks to weigh the savings expected from returning checks electronically against the cost of potential claims.
Save $400 off your subscription. Special offer ends April 30, 2017.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In