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Check 21 Act
The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, , that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004. The law allows the recipient of the original paper check to create a digital version of the original check, a process known as check truncation, into an electronic format called a " substitute check", thereby eliminating the need for further handling of the physical document. In essence, the recipient bank no longer returns the paper check, but effectively e-mails an image of both sides of the check to the bank it is drawn upon. Consumers are most likely to see the effects of this act when they notice that certain checks (or images thereof) are no longer being returned to them with their monthly statement, even though other checks are still being returned. Another effect of the law is that it is now legal for anyone to use a computer scanner or mobile phon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Law
The law of the United States comprises many levels of codified and uncodified forms of law, of which the most important is the nation's Constitution, which prescribes the foundation of the federal government of the United States, as well as various civil liberties. The Constitution sets out the boundaries of federal law, which consists of Acts of Congress, treaties ratified by the Senate, regulations promulgated by the executive branch, and case law originating from the federal judiciary. The United States Code is the official compilation and codification of general and permanent federal statutory law. Federal law and treaties, so long as they are in accordance with the Constitution, preempt conflicting state and territorial laws in the 50 U.S. states and in the territories. However, the scope of federal preemption is limited because the scope of federal power is not universal. In the dual sovereign system of American federalism (actually tripartite because of the presence o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Magnetic Ink Character Recognition
Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents. MICR encoding, called the ''MICR line'', is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount (usually added after a cheque is presented for payment) and a control indicator. The format for the bank code and bank account number is country-specific. The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcode and similar technologies, MICR characters can be read easily by humans. MICR encoded documents can be processed much faster and more accurately than conventional OCR encoded documents. Pre-Unicode standard representation The ISO standard ISO 2033:1983, and the corresponding Japanese Industrial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Criminal Legislation
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Banking Legislation
Banking in the United States began by the 1780s along with the country's founding and has developed into highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services namely private banking, asset management, and deposit security. The beginnings of the banking industry can be traced to 1780 when the Bank of Pennsylvania was founded to fund the American Revolutionary War. After merchants in the Thirteen Colonies needed a currency as a medium of exchange, the Bank of North America was opened to facilitate more advanced financial transactions. As of 2018, the largest banks in the United States were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. It is estimated that banking assets were equal to 56 percent of the U.S. economy. As of September 8, 2021, there were 4,951 FDIC insured commercial banks and savings institutions in the U.S. History Merchants ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System. U.S. Congress, Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and currently also include supervising and bank regulation, regulating ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substitute Check In United States
The substitute check (also called an Image Replacement Document or IRD) is a negotiable instrument that represents the digital reproduction of an original paper check. As a negotiable payment instrument in the United States, a substitute check maintains the status of a "legal check" in lieu of the original paper check as authorized by the Check Clearing for the 21st Century Act (also known as the ''Check 21 Act''). Instead of presenting the original paper checks, financial institutions and payment processing centers transmit data from substitute checks electronically through either the settlement process, the United States Federal Reserve System, or by clearing the deposits based on private agreements between member financial institutions. Financial institutions that process substitute checks based on these private agreements are typically members of a clearinghouse that operate under the Uniform Commercial Code (UCC). A substitute check is recognized as a legal check as long as t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Remote Deposit
Remote deposit or mobile deposit is the ability of a bank customer to deposit a cheque into a bank account from a remote location, without having to physically deliver the cheque to the bank. This was originally accomplished by scanning a digital image of a cheque into a computer then transmitting that image to the bank, but is now accomplished with a smartphone. The practice became legal in the United States in 2004 when the '' Check Clearing for the 21st Century Act'' (Check 21 Act) took effect, though banks are not required to implement the system. This service was originally used primarily by businesses with dedicated check scanners, but with the spread of smartphones and mobile banking it is now common in consumer banks. History Remote deposits became legal in the United States in 2004 when the ''Check Clearing for the 21st Century Act'' (or Check 21 Act) went into effect. The Act is intended in part to keep the country's financial services operational in the event of a cata ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
DataTreasury
DataTreasury, located in Plano, Texas, United States, develops, acquires and licenses technology for secure check image capture and storage. As of 2010 the company had 2 employees, about 1000 shareholders and had generated over $350 million in licensing revenue in the previous four years. The company has a patent portfolio relating to these technologies, which it enforces. Several banks have settled, and in 2010 U.S. Bank, Viewpointe (a company set up by some major banks and I.B.M. to store and retrieve digital images of checks for large banks) Clearing House Payments Company and its subsidiary, SVPCo, were found guilty of infringing DataTreasury's patents.Dan Browning for the Minneapolis StarTribune February 24, 2010.Banking dispute involving U.S. Bank is going to 3 trialsRobin R. Richardson and DD Turner for marshallnewsmessenger.com, March 26, 2010/ref> There has been controversy concerning the company. In 2004, ''The New York Times'' characterized DataTreasury as "a compa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulation E
The Electronic Fund Transfer Act was passed by the U.S. Congress in 1978 and signed by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities. The act was implemented in Federal Reserve Board Regulation E. Rights of consumers The EFT Act recognizes their right to nominate the financial institution to which such payments are to be made. The EFT Act also prohibits a creditor or lender from requiring a consumer to repay a loan or other credit by electronic fund transfer, except when there is an overdraft on checking plans. Financial institution liability The financial institution must give the customer notice of their liability in case the card is lost or stolen. This must include a phone number for reporting the loss and a description of its error resolution process. Limit to customer liability on loss or theft of card If a customer reports to the financial institut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulation CC
The Expedited Funds Availability Act (EFA or EFAA) was enacted in 1987 by the United States Congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions' use of deposit holds. It is also referred to as Regulation CC or Reg CC, after the Federal Reserve regulation that implements the act. The law is codified in Title 12, Chapter 41 of the US Code and Title 12, Part 229 of the Code of Federal Regulations. Disclosure Financial institutions must disclose their hold policies to all account holders, and make the policy available in written form upon request by any customer. It must also be provided at the time of opening of all new accounts. Additional disclosures are required on deposit slips, at automated teller machines, and when the policy is changed in any way. Types of hold Regulation CC stipulates four types of holds that a bank may place on a check deposit at its discretion. Each has its own qualifications and i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
