Check Clearing: When can we send an image in place of the original?

Today, you can only send an image "substitute document" when the original is damaged, destroyed, or lost. The Fed states clearly that merely because it is inconvenient to retrieve the original does not mean that it is not accessible.

Check Truncation Act - which may pass this year - removes those barriers, and allows the return of substitute documents in most situations.

First published on BankersOnline.com 3/11/02