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Home > Check 21 > Myths & Facts

Myth: Check 21 requires the destruction of a physical check at the financial institution where the check is deposited.

Fact: Check 21 does not require the destruction of any checks.

Myth: Check 21 gives electronic images the same validity and legal status as paper checks for clearance and settlement.

Fact: Check 21 provides for the replacement of a paper check with a substitute check. The substitute check is a legal equivalent of the original check for all purposes if:

It contains the image of the front and back of the check and bears the legend, "This is a legal copy of your check. You can use it the same way you would use the original check."
It conforms to industry standards and accurately/legibly represents all information on the original check.
It is suitable for automated processing and includes all endorsements.
It includes identification of the party clearing it.

Myth: Check 21 mandates that financial institutions use image check replacements.

Fact: Check 21 does not mandate any changes in the way checks are processed; however, the Federal Reserve has set a goal for not less than 90% of institutions to be transmitting electronic images by end of year 2009.

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