The Benefits of Check 21 for Community Banks Include:

• Accelerate availability of funds and reduce float through faster clearing and collection of imaged items.
• Earn additional investment income on funds collected sooner.
• Realize cost savings associated with the elimination of most item processing costs such as encoding, proofing, microfilming, balancing, paper adjustments and multiple passes through reader sorters. The average check is handled multiple times and even more for returned items.
• Reduce courier and physical transportation expense associated with moving paper checks from branches to processing centers and the FRB.
• Experience lower electronic and image cash letter processing and clearing fees than paper items. (FRB has reduced fees on cleared imaged items in 2006.)
• Benefit from continuing reductions in image capture processing fees as more institutions become electronic receivers.
• PCBB respondents clearing imaged items through the FRB qualify for additional discounts on processing fees for certain imaged items based on PCBB’s aggregate volumes. These fee discounts are in addition to the FRB’s low image cash letter pricing.
• Avoid increases in paper-based item processing fees as fewer paper checks are cleared.
• Reduce research efforts and customer response timeframes because of the enterprise-wide availability of check images with most branch capture and image systems.
• Allow for later deposit deadlines for same day and next day availability.
• Eliminate most holdover items.
• Continuous processing and release of electronic batches throughout business day.
• Faster receipt and processing of returned items that were imaged.
• Significant opportunities for re-engineering of entire check processing stream including inclearing and returned item processing.
• Opportunity to reduce check fraud risk through applications such as image signature verification and integration of image capture with positive pay cash management applications.
• Enhancement of corporate Cash Management Services.
• Allows banks of all sizes to be more competitive by using remote capture products to acquire and build additional relationships. Banks can take deposits and serve business and corporate customers outside their market areas and geographic footprint.

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