Answer:
No. Check 21 doesn't affect how or when financial institutions post transactions. It only provides a mechanism (the substitute check) that enables institutions to exchange images of checks in lieu of the "real thing" without concern that a non-participating institution could prevent image exchange by refusing to accept images presented for payment. Eventually, Check 21 may help to speed up the routing of transactions on their way to and from the paying bank, but it has no effect on the days of the week that banks will actually accept presentment.
Check 21 also has nothing at all to do with ACH and EFT. Check 21 and image exchange provide another, potentially more efficient, way for routing paper-based check transactions. They do not create electronic fund transfers.
First published on BankersOnline.com 5/29/06
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