Peoples Bank & Trust


 

Fraud Related Resources

Q:
A:
It means that check processors will be able to create a "substitute check" which is a copy of the front and back of the original check. The "substitute check" will be treated the same as having an original check. Once the substitute check is created, the original check is then taken out of circulation.

Q:
A:
October 28, 2004

Q:
A:
Nothing, your bank statement will be exactly the same. All of your checks will continue to be listed on your statement in the same manner and an image copy of your checks will be attached.

Q:
A:
Faster check processing will be the outcome of the Check 21 Act. The float time (the time between writing a check and cashing the check) will be reduced due to the check being processed as a substitute check and there will be no physical transporting the original checks to the financial institution.

Q:
A:
  • No, an e-check is an electronic funds transfer that is initiated by a check. The e-check is then processed through the Automated Clearing House (ACH) network and the retailer would take your check and scan it for the encoded financial information and then have you authorize the payment. Once the payment is authorized, the original check is stamped "void" and returned to you. The transaction would be listed on your bank statement under the electronic and ACH transactions. 
  • A substitute check is the same as an original check and will be listed as a check on your bank statement.

 

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