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A substitute check (also called an Image Replacement Document or IRD) [1] is a negotiable instrument that is a 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 (the Check 21 Act).
The Check 21 Act took effect one year later on October 28, 2004. The law allows the recipient of a paper check to create a digital version of the original, 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. The recipient bank no ...
A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD), [1] or image replacement document (IRD), [2] is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check).
Prices: Check Advantage charges $17.45 to $52.40 for single checks and $21.20 to $63.70 for duplicates. You can purchase one, two or four boxes and can choose between top tear and side tear check ...
Cheque truncation (check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies.
At time of publishing, we stumbled upon a 20% discount on business checks, a “just because” 20% discount on personal checks and a new customer discount: $6.49 per pack plus free shipping ...
Most recent developments in check drafting, which helps to facilitate checks by phone, checks by fax and online check payments is the new "Substitute Check Law" known as Check 21, enacted on October 28, 2004, which has greatly increased the use of check drafting. [13]
Payroll, business, and personal checks all have a life expectancy of 180 days, or six months, from the date written on the check. After six months the check technically becomes “stale-dated”.