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Business Tip
To increase timely payments on invoices, place a brightly colored label at the bottom of the invoice that says: "Just a friendly reminder to let you know that you can transfer your balance to Visa, Mastercard or American Express." Be sure to include your phone number, so customers know where to call.
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About Substitute Checks

Check 21 enables financial institutions to speed up check processing by creating and transmitting electronic images of checks known as "substitute checks." A substitute check is a paper copy of the front and back of the original check created from a scanned image. It is slightly larger than the original check, and contains the following information:

An image of the front and back of the check
All the information from the original check
Information on how the check was deposited.
A statement indicating the image is the legal copy of the original check.

Here's how it works:
Once a check is deposited, financial institutions can create an electronic image of the check and transmit the image called a substitute check to another financial institution for processing. Check 21 provides the rules and guidelines for the use of substitute checks and provides protections to those who may receive a substitute check.

Substitute checks can be used for record-keeping or proof of payment the same way as the original check. Check 21 provides a special refund procedure (called "expedited re-credit"), if people receive a substitute check and there is an issue or error with the account. Each financial institution will provide information on how this new refund procedure works.

Here's an example that might be seen in statements. In most cases, the actual image of the check design will only be shown in black and white to make it easier to read the written portions of the check after the check imaging process.


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