Check 21

In 2004 a process of clearing checks was instituted that allowed businesses, including banks, to change your paper check into an electronic transaction. This means that businesses can collect money from you much faster than they did in the past. Once a company gets your check they can scan the check with a special scanner. The check is then converted into an electronic format and sent to your bank. The paper check can be destroyed and an electronic version forwarded to the bank. The days of writing a check and racing to the bank to make a deposit are, for the most part, over. We had all better figure out a way to keep more cash in our accounts.