Wednesday, October 20, 2004

How New Electronic Check Law Affects Consumers

How New Electronic Check Law Affects Consumers: "
What can be done about this confusing situation?

Congress should amend the federal Electronic Fund Transfer Act to apply its consumer protections to every check that is processed wholly or partly by electronic means.

Where can I get more information?

For information from Consumer Reports about Check 21 and other payment methods, click here.

For more information about Check 21, see 'Banks Will No Longer Return Original Cancelled Checks,' posted by the National Consumer Law Center, at: http://www.consumerlaw.org/initiatives/check21.shtml.

For the final federal regulations on Check 21, issued July 26, 2004, click here.

Consumers Union and the Consumer Federation of America recommend seven policies banks and other financial institutions could adopt to improve Check 21 for consumers. Click here to read about these policies."