Twenty‐first‐century check clearing: Are you ready?

The terrorist attacks of 9/11 showed how easy it was to severely disrupt our banking system. The grounding of air flights delayed the transportation of millions of checks—causing the Federal Reserve Bank's check float to balloon to more than 100 times its normal level. To protect our banking system, Congress passed the Check 21 Act. But what will be the impact on businesses, consumers, and financial institutions? What potential problems will companies face? And what steps can you take to get ready for Check 21? The authors take a close look at these issues and provide some answers. © 2004 Wiley Periodicals, Inc.