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I'm not sure a physical copy actually has to exist anymore, with the Check21 regulation a digitized copy containing the relevant information is considered to be
by oijaf888 14y ago
I'm not sure a physical copy actually has to exist anymore, with the Check21 regulation a digitized copy containing the relevant information is considered to be the same thing as a physical check. I don't think there's anything in the regulation that would prohibit a consumer from creating the digitized version themselves. Now getting a bank to accept it from an untrusted source (a customer) as opposed from another bank might be hard.
- jarek 14y agoHm... this isn't very scientific, but I've read through a bunch of Wikipedia articles on the topic and nothing says explicitly this will be possible. Everything appears to be written under the assumption that a physical check exists to begin the process, and the article on substitute checks [2] explicitly refers to a "digital reproduction of an original paper check." Maybe someone who knows the actual regulation can chime in. [1] http://en.wikipedia.org/wiki/Check_21 http://en.wikipedia.org/wiki/Check_21, http://en.wikipedia.org/wiki/Remote_deposit http://en.wikipedia.org/wiki/Remote_deposit, http://en.wikipedia.org/wiki/Cheque_truncation http://en.wikipedia.org/wiki/Cheque_truncation [2] http://en.wikipedia.org/wiki/Substitute_check http://en.wikipedia.org/wiki/Substitute_check