Electronic Banking: The Check Truncation Issue

[摘要] This report discusses legislative issues regarding check truncation, which occurs when the check is stopped before it reaches the paying bank and the check clearing process is completed electronically. The United States banking system processes approximately 42.5 billion checks annually, but only a fraction of these checks is processed electronically by check truncation.

[发布日期] 2003-11-08 [发布机构] Library of Congress. Congressional Research Service.

[关键词] Checks;Electronic funds transfers;Finance;Banks and banking