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“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.

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