WASHINGTON-President George W. Bush signed the credit union-backed Check 21 Act (H.R. 1474) into law last week. A signing ceremony, which is closed to the general press, took place last Tuesday afternoon (see picture). The bill will allow credit unions to truncate share drafts, sending them electronically, earlier in the process than previously permitted and more often for increased cost savings. Banks for the first time will be able to truncate checks; they previously had to present the paper checks. This became a problem after the Sept. 11 terrorist attacks, which grounded planes for days.
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