LEGISLATION THAT AFFECTS ALL
CHECKING ACCOUNT HOLDERS
What you need to know
(Click here for PDF version)
New legislation will go into effect on October
28th, which will enhance the security of our
country’s financial system and streamline the way
checks are processed.
What is Check 21?
Check 21 is a new law that allows financial
institutions to replace paper checks with
“substitute” checks created from an electronic
Why do we need this new system?
In the past, checks have been physically transported
from one place to another. After the September
11th terrorist attacks, it became apparent that
this outdated system left the nation’s economy
vulnerable to disruptions. Check 21 will serve the
dual purpose of protecting our economy and
speeding up check processing.
How will this change my checking account?
If you normally receive cancelled checks with
your statement, some of these may be replaced
by substitute checks. They will look different,
but they will contain all the information on the
front and back of your original check. It’s also
important to understand that your checks will
clear sooner, so you will need to be sure you have
funds available whenever you write a check.
For further information, please feel free to
How do I make a claim for a refund?
If you believe that you have suffered a loss relating to a
substitute check that you received and that was posted to your
account, please contact us toll-free at 1.866.844.7500. You must
contact us within 40 calendar days of the date that we mailed (or
otherwise delivered by a means to which you agreed) the
substitute check in question or the account statement showing
that the substitute check was posted to your account, whichever
is later. We will extend this time period if you were not able to
make a timely claim because of extraordinary circumstances.
Your claim must include:
- A description of why you have suffered a loss
(for example, you think the amount withdrawn
- An estimate of the amount of your loss;
- An explanation of why the substitute check you
received is insufficient to confirm that you suffered
a loss; and
- A copy of the substitute check and/or the following
information to help us identify the substitute check:
(identifying information, for example the check
number, the name of the person to whom you wrote
the check, the amount of the check).