What is Check 21?
Check 21 - short for Check Clearing for the 21st Century Act - is a new federal law that affects checking account customers nationwide. This law allows other banks that clear your check to replace it with an electronic image or substitute check in order to facilitate the exchange of funds. It also reduces the need to transport paper checks, which can be interrupted by natural or man-made disasters.
What is a substitute check?
A substitute check, also known as an Image Replacement Document (IRD), is a reproduction of an original check made from a digitized image. It has the same legal standing as the original paper check and is a valid document for proof of payment purposes. If you currently receive canceled checks, you will likely receive some substitute checks in lieu of the originals in your statement.
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| Image Replacement Document (IRD) |
What happens to my original check?
If another bank converts your check to a digital image, they will send the substitute check back to Commerce Bank. Once the digital image has been created, the bank destroys the original check.
We will continue to maintain copies of all your check records for up to 7 years, as required by law.
What happens if I have a dispute?
Commerce protects your right to claim disputed funds whether you have an original substitute check or a substitute check appearing on your CheckView statement.
How will Check 21 affect me?
We expect Check 21 to speed up the process. The time between the day you write your check and the day your funds clear your account could be shortened.
If you have any questions, please e-mail us or call 1-888-751-9000.
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May Lose Value