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In addition, a new law known as the Check Clearing for the 21st Century Act, or "Check 21," may lead to the use of more security features, Reid said. The act, which takes effect Oct. 28, allows banks to use electronic images, rather than the actual paper checks, when settling transactions with other banks across the nation. The intent is to cut down on the time and cost of processing checks. It is estimated that it costs the financial industry approximately $7 billion to process approximately 42 billion checks annually.
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- Profits Reid
- Sandy Horner
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