Expect Checks to Stick Around

Checks, on the other hand, do provide security. The trick to success, however, is to better understand Check 21, and to stand up to banking institutions requiring that checks meet specifications not actually mandated by the newly passed law, added Gray.

Know the Law

According to Gray, banks spend approximately $45 million a year to process checks, which is why they lobbied for Check 21. The new act allows banks to transmit electronic copies of checks and destroy the originals instead of shipping them. While the legislation went into effect last fall, many banks will need approximately five years to fully implement the new system.