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Check 21 Information Begins to Flow

NACHA - The Electronic Payments Association developed this interesting chart showing comparisons between the recently enacted Check 21 statute and current Point of Purchase (POP) and Accounts Receivable Check (ARC) ACH products. Follow this link to see and/or download the comparison chart.

Draft Regulations Now Available:
In addition, the draft regulations to implement the provisions of the Check 21 Act were recently disseminated by the Federal Reserve Board. The comment deadline is March 19, 2004. The Act itself is effective October 28, 2004. Keep in mind that Check 21's provisions become effective on October 28, 2004.

Use this link to access a copy of the news release about the regulations and to see a complete copy of the proposal.

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