Check Will Clear Faster Thanks To Check 21

Ever write a check, knowing it won't clear for a few days?

"If I have a bill that will take 5 days to get there and I will have the money in 5 days, yeah I do that."

"Float time" has saved many people over the years, but in two months the days of "playing the float" are ending.

"The legislation which takes effect Oct. 28 no longer requires a bank to physically transfer a check from one bank to another. You now have the right to create a digital image of the check and send that image through the system for clearing," says Brian McCabe, Senior Vice President at Southside Bank. He says the new legislation eliminates the need for checks to be transferred by mail. He says the law was written in response to the 9-11 tragedy.

"So many of the planes were grounded in that time-period shortly after that, that the physical transfer of checks from bank to bank was greatly impeded," explains McCabe.

So what does check 21 mean for you?

"That means your check will clear faster," McCabe says.

A lot faster. In some cases, the day you write it will also be the day it clears.

"Customers do need to be aware that it is faster and when you write a check you want the money to be in the bank rather than waiting to deposit those funds," says Mc Cabe.

Something most people we talked to thought was a good thing.

"I think that is pretty good. A lot of people should be more honest whether they got the money or not."

So start practicing now and only write checks you can afford to cash.

Michelle Mortensen, reporting.