Financial Update (Fourth Quarter 2004)


 Appraisal Reviews
 Maintain Soundness

 GLBA Spurs
 Banks’ Insurance

 Conference Focuses
 on Remittances

 New Fed
 Brochures About
 Check 21

 Fed Distributes
 Redesigned $50s

 Atlanta Fed Chair,
 Vice Chair

 Will Privacy
 Concerns Prolong
 Cash Use?

 Fed Governor
 Sees Oil Prices
 Staying High

 Greenspan on
 Challenges of
 Aging Population

 Helping Consumers
 Avoid Overdrafts

 Examining Fannie
 Mae and
 Freddie Mac


 Data Bank

 Circular Letters



Everything the Consumer Needs to Know About Check 21

Check 21, the law that makes it easier for banks to electronically transfer check images instead of physically transferring paper checks, went into effect Oct. 28. To augment banks’ efforts to inform their customers about the changing check-processing environment, the Federal Reserve has published two new brochures.

Consumer Guide to Check 21 and Substitute Checks
What You Should Know about Your Checks
Press release announcing the brochures

Consumer Guide to Check 21 and Substitute Checks describes the law’s effects and explains how to resolve problems that might occur as a result of it. It also describes a substitute check, which is a paper copy of the front and back of the original check.

What You Should Know about Your Checks takes a broader look at the check-payment process and its evolution.

The brochures are available on the Federal Reserve Board of Governors’ Web site. Printed copies of the brochures are also available from Publications, Mail Stop 127, Federal Reserve Board, 20th and C Streets N.W., Washington, D.C. 20551, 202-452-3244.