Check 21

The Check Clearing for the 21st Century Act (Check 21) will cut the time it takes a check to clear from days to hours.
Starting October 28, 2004 the Check 21 law helps financial institutions send checks electronically to each other, by "truncating" the movement of paper checks by converting them to electronic files.
Check 21 allows any financial institution that doesn't want to receive a check in electronic form to request a paper copy of the electonic check. This converted paper check is called a "substitute check".

What is a substitute check?
To make check processing faster, federal law permits banks to replace original checks with "substitute checks". These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front substitute check states "This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check.

Check 21 Speeds Checking, Sinks Your Float
For a copy of the above titled brochure please contact our office by telephone 763-572-1368 or email us at staff@midlandcoopcu.com