The Check Clearing for the 21st Century Act allows electronic images of checks as the full and complete record of transactions. The Act further allows the payment of bills and the transfer of money through direct withdrawal using the bank routing number and account number. These transactions are known as paperless payment. Do some online research on the Check Clearing for the 21st Century Act (also knows as Check 21). You may want to read some of the actual text of the Act as well as some webpages that contain articles written about the Act. .1) What is the impact of the Check 21 Act on individuals managing their own finances (depositing paychecks, paying bills)?
2) What is the financial impact of the Check 21 Act on financial institutions?
3) Do you utilize check truncation in your personal life? Why or why not?
4) Do you have any concerns about conducting banking electronically as allowed under the Check 21 Act? Why or why not?