What used banks days to process, will soon take only minutes. On October 28, banks will be able to utilize what's called "Check Clearing for the 21st Century," or "Check 21." The new technology will allow banks to take an electronic image, or picture, of a check, and then process it electronically.
The new process means check-writers who usually bank on having a few days before a check clears, will have to be more careful. October 28 is the day banks can begin using electronic imaging, but not all banks will be up to speed. Check with your local bank to find out when it will be using Check 21.
Also under Check 21, consumers will no longer receive a copy of their cleared check back in the mail.