'Check 21' Banking Law Goes Into Effect Oct. 28; Consumers Union Offers Tips for Avoiding Bounced Checks, Fees, Other Pitfalls of Law
U.S. Newswire, October, 2004
SAN FRANCISCO, Calif., Oct. 22 /U.S. Newswire/ -- A sweeping new banking law known as "Check 21" will go into effect beginning October 28, speeding up check processing and putting consumers at risk for more bounced checks and fees, Consumers Union warned today. The consumer group is advising consumers to keep a careful eye on their bank statements in the coming months and issued a set of tips to avoid some of the law's potentially negative impacts.
"Check 21 will be a boon for the banks who will save billions of dollars once it's fully implemented," said Gail Hillebrand, senior attorney with Consumers Union's West Coast Office. "Consumers could end up losing out if they're not careful and if banks use the new law as an excuse to bounce more checks and collect more fees."...
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