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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).
No bank in the United States has any obligation to cash checks that are more than 180 days old. However, this does not necessarily mean that all is lost if an expired check resurfaces.
Outside the United States the decline in check usage in favour of debit cards and credit cards has meant that cheques are rarely accepted by merchants thus rendering cheque verification services obsolete. In the United States, there are a number of third-party companies that provide check verification services. Some banks bundle a level of this ...
The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, Pub. L. 108–100 (text), 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.
“If your check got lost in the mail or pushed to the back of your drawer ... “Every government-mailed U.S. treasury check comes with a one-year expiry date, as keeping valid checks floating ...
Verify the Check with the Bank. If you can’t visit in person to trace a cashier’s check, get the phone number from the bank’s website – not the check – and call the bank and ask to ...
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[3] [4] eFunds claims that their services are used in over 9,000 banks, including over 100,000 individual bank branches in the United States. As of 1991, ChexSystems held 7.3 million names of consumers whose bank accounts had been closed "for cause". [1] Services include verification of identity, reports on account history, and transaction ...