The Federal "Check 21 Act" goes into effect October 28, 2004, creating changes in how banks process checks. This Act mandates that all financial institutions must now accept electronically processed items throughout the Federal Reserve System. The goal of this legislation is to improve the speed and efficiency of the nation's payments system.

Customer Benefits of Check 21!

How does this benefit you as a Central Bank customer? These improvements will include faster check clearing, enhanced security and reduced fraud. Central Bank has been processing electronically imaged statements since 2002. Soon, you may occasionally see an image of a "substitute check" on your statement that was presented to Central Bank in lieu of your original item. This substitute check is nothing more than an electronically imaged replacement of your original check that was deposited at another financial institution. It can be used as legal proof of payment just like the original check.

Checks may clear faster in the future.

Some checks processed electronically will clear faster than before. Please consider this in planning payments, to maintain sufficient balances in your account.

You may see or hear news articles in coming months regarding the Check 21 Act. Be assured that we have everything in place to accept these electronic images. If you have any questions regarding "Check 21" you can contact Client Services by phone at 859-253-6359 or email at info@centralbank.com.