Home | Business News | Browse by Publication | S | San Diego Business Journal

Hope for float sinks as banks implement check 21: bankers say considerable time, expense are involved.

Publication: San Diego Business Journal
Publication Date: 20-DEC-04 		Format: Online - approximately 678 words
Delivery: Immediate Online Access
Full Article Title: Hope for float sinks as banks implement check 21: bankers say considerable time, expense are involved.(Finance)

Article Excerpt
A new way of processing checks, allowing banks to clear the items electronically instead of doing so with the original paper document, hasn't generated any noticeable problems for banks or their customers, say local bankers.

Called Check 21, the federal law that took effect Oct. 28 requires all financial institutions to create and accept substitute checks instead of physically returning the paper checks back to the check writer's bank to extract the funds. The new system permits much faster and efficient check processing, theoretically eliminating a well-known method of consumer borrowing known as "playing the float."

But most bankers say...

Access Full Article, Compliments of Goliath

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!



More articles from San Diego Business Journal
Fueling the future: Chula Vista is one of the few cities in the nation..., December 20, 2004
Alternate energy providers.(Illustration), December 20, 2004
Builder to open downtown condo sales office.(Centex Homes is set to op..., December 20, 2004
Commercial purchases.(Top business news: December 10-16, 2004)(Westcor..., December 20, 2004
Election update.(Top business news: December 10-16, 2004)(Brief Articl..., December 20, 2004

Looking for additional articles?
Search our database of over 3 million articles.

Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication name or publication date.

About Goliath
Whether you're looking for sales prospects, competitive information, company analysis or best practices in managing your organization, Goliath can help you meet your business needs.

Our extensive business information databases empower business professionals with both the breadth and depth of credible, authoritative information they need to support their business goals. Whether it be strategic planning, sales prospecting, company research or defining management best practices - Goliath is your leading source for accurate information.