“If you build it, they will come,” to paraphrase the famous line from the movie Field of Dreams. But when it came to developing a Check 21 solution, it was a little more complicated than building a baseball diamond in the middle of a cornfield. There were questions about processes, technology, regulations, as well as consumer education and acceptance. Many financial institutions simply took a “wait-and-see” approach to finding a solution.

But now, 17 months after the Check Clearing for the 21st Century Act became effective, it’s time to move beyond that “wait-and-see” attitude and reap the benefits as they relate to Check 21. Credit unions that continue with “wait-and-see” may soon find themselves “waiting” for significant cost savings from the elimination of courier fees and microfilming costs and “seeing” higher traditional clearing costs as the per unit expense of handling paper items skyrockets.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.