Voluntary Check Truncation

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Learn About Check 21 and other Personal Loans topics.

How did check processing used to work?

Voluntary Check Truncation

Of course, customers can only take advantage of the rights afforded them by the Check 21 Act if they have received a copy of the substitute check they are disputing. For this as well as other reasons, many financial institutions are trying to entice customers to switch to voluntary check truncation.

Voluntary check truncation means you agree that the bank is not obligated to include copies of substitute checks in your monthly statement. Don't, whatever you do, agree to voluntary check truncation.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Personal Loans Tip Site? Request a Tip Now!


Guru Spotlight
Carma Spence-Pothitt