At 8 a.m. Pacific Time on Oct. 28, 2004, Wells Fargo received its first electronic transmission of a check image per a new federal law that went into effect that day, marking a new era in check processing. The law's ramifications continue to be felt a year later by banks, retailers and consumers. That law, the Check Clearing for the 21st Century Act (or Check 21) allows banks to receive check images (truncated checks) rather than paper checks and then convert those images into paper ...
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