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- Include signature image on checks to save time signing checks
There is also a savings on the part of firms that now can collect checks more rapidly.
* Banks are required to notify customers if they change the way they have been providing canceled checks or copies.
More directly, we can look at Reserve Banks' check collection costs, which are mostly based on the costs of clearing and settling checks for banks.
4) Conduct independent research: At a minimum, municipalities should conduct an annual audit review of the stale-dated check lists to identify those vendors with listed checks of significant value.
In October 1975, Changing Times magazine advised Americans to "get ready for cashless, checkless living." In 1983, the Federal Reserve Bank of Atlanta predicted that the use of checks would plateau between 1987 and 1989 and then begin to decline.
The Check Clearing for the 21st Century Act, or Check 21, lets banks transmit electronic images of a check rather than wait for the original paper check to make its way through the banking system.
The Accredited Standards Committee X9B (www.x9.org) focused on the development of industry standards for the financial services industry and developed the technical specification for substitute checks (DSTU X9.90-2003) in support of Check 21.
To prevent a liquidity crisis, the Federal Reserve continued to provide credit for these checks on its usual availability schedules, in effect supplying an enormous loan to the banking system.
How does the addition of a new piece of paper, the substitute check, support electronic check processing?