Check 21
February 27, 2008 by Carl Chapman
Filed under Credit 101
Have you been caught by Check 21? You might not yet, but you probably will have a tangle with it soon.
It is very frustrating to have your checks clearing (cashing), as fast as you write them. Your entire routine of being able to write a check, knowing that it wouldn’t clear (or be cashed) for a few days is a thing of the past. Boy, has Check 21 ruined your life.
No need to worry. Many others, just like you are in the same situation with Check 21. Here are some choices:
You can get another credit card to charge the things you need until your cash is in your account. This credit card can help float you through this tough time. Click here if you are interested in getting another credit card.
You could get a quick payday loan. A payday loan will get you money fast. You will have the cash you need to pay the bills today. Then when your real paycheck gets to your account you will already have things under control.
If you have gotten in trouble with Check 21, you have some options. You probably need just a little bit of cash to get you through a very tight spot.
Fact:
Check 21 (or Check Clearing for the 21st Century Act) is a federal law. This law went into effect on October 28, 2004. The law was developed to help increase the efficiency of the United States check clearing system. It allows banks to replace an original check with a “substitute check”. Banks are now allowed to accept these “substitute checks” as if they were the original check. In simple terms, your checks will be cleared (cashed) much sooner than they have in the past. In many cases, the very day you write the check.
