|
|
What changes will I notice?
|
Check 21 affects all customers of banks, savings & loans and credit unions.
This includes consumers, businesses, non profit organizations and governmental
agencies.
Back to the top |
|
What changes will I notice?
|
- Checks will clear faster. Now, more than ever before, you’ll need to ensure
you have sufficient funds in your account before writing a check.
- If you currently receive images of your processed checks with your monthly
statement, you will begin to notice a combination of original check images
and substitute check images. However, if you currently do not receive images
of your processed checks, your account statement will not be affected – all
checks will continue to be listed on your statement in the same manner.
- When checks you deposit into your account are returned unpaid
to North Shore Bank and charged back to your account, you may receive a
substitute check rather than the original check.
Back to the top |
|
Can I opt out of Check 21?
|
Under the Act, no institution or any of its customers may “opt out” of Check 21.
Back to the top |
|
Will Check 21 change the way I write checks?
|
You may write and present checks for payment the way you do today.
Back to the top |
|
What is a substitute check?
|
A substitute check is the legal equivalent of your original check and will include all
the information contained on your original check. On October 28, 2004, every financial
institution in the country will be required to accept these substitute checks.
Back to the top |
|
What does a substitute check look like?
|
A substitute check is a paper copy of a digital image of your original check. The
substitute check will include all the information contained on the original check
and bear the legend: “This is a LEGAL COPY of your check. You can use it the same
way you would use the original check.”
|
Please click the on the image for a larger view.
|
Back to the top |
|
Will I ever receive a substitute check in my monthly statement?
|
If we provide images of your checks and deposit tickets with your monthly statement,
over time you will begin to see images of substitute checks, but you will not receive
the actual substitute check.
You may receive a substitute check from North Shore Bank if you deposit an item into
your account and the item is returned unpaid to North Shore Bank in the form of a
substitute check. Just like an original check, we will then:
- charge the item back to your account.
- mail you the substitute check with the chargeback notice.
The substitute check you receive will be the legal equivalent of the original. The same methods of collection that you have implemented for an original check may be used for a substitute check.
Back to the top |
|
What if I need a copy of a canceled check?
|
We will follow the same check copy process as we do today. However, the check copy may
look different. It may be a copy of a substitute check instead of a copy of the original
check.
Back to the top |
|
Can I use a copy of a substitute check as proof of payment?
|
A copy of a substitute check will act as proof of payment just as your original check
images provide proof of payment today.
Back to the top |
|
What if I receive an image statement that contains a copy of a substitute check representing a fraudulent original check?
|
Check law provides protection against fraudulent checks. Generally, if you have protected
your account information and notified us in a timely manner, you are not responsible. This
is the case whether you receive an original check, substitute check, an image statement,
or a line item on your account statement. If you feel an error was made to your account,
contact us immediately.
Back to the top |
|
What if I have a question about Check 21, a substitute check I receive?
|
Please contact one of our offices, we will be more than happy to answer all of your Check 21 questions.
Back to the top |
|
|
;)