The check clearing for the 21st century act check 21 is a federal law that took effect on october 28 2004 it gives banks and other organizations the ability to create electronic images of. Check clearing for the 21st century act what is check 21 on october 28th of 2003 federal law implemented a new act under the 108th congress of the united states an act that would with the day of its effect inception exactly a year later completely revolutionize americas everyday monetary policy and overall extending of funds. Check clearing for the 21st century act is a federal law that took effect on october 28 2004 it gives banks and other organizations the ability to create electronic image copies of consumers checks these copies are known as substitute checks. Check 21 is a federal law that made important changes in the way that checks clear checks processed under the law will generally clear much faster than before so consumers need to make sure that they have money already in their accounts to cover the checks they write or they could get charged bounced check fees
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