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CHECK 21
What you should know about your checks in the 21st century.
A new federal law went into effect on October 28, 2004 to facilitate the electronic exchange of checks, which permits quicker and safer processing of checks. Finanacial institutions are now allowed to treat an electronic image the same as the original check itself. The law is called the Check Clearing for the 21st Century Act (Check 21).
How will the law affect you?
When your check clears, a processor will take a picture of the check, which under the new law, becomes a legal substitute check containing all of the information of the original. The substitute check can then be transported electronically to depository banks rather than transporting by truck or plane. This new efficiency will allow checks to clear faster, reduce check fraud, and increase security and saves costs for the entire financial industry.
What is a substitute check?
Starting October 28, 2004 if you request a copy of your original check, you may receive a substitute check. The substitute check will contain an image of the original check and will bear the legend: "This is a legal copy of your check. You can use it in the same way you would use the original check." The substitute check is required to accurately represent all information on the front and back of the original check.
What if I feel the subsitute check doesn't accurately reflect the original check?
Check 21 provides consumers with specific rights regarding disputes. If you feel that your substitute check is inaccurate, contact your account provider as soon as possible. Your provider will investigate your claim and make you aware of any necessary adjustments. The adjustments could potentially include recrediting your account.
Checks will clear more quickly.
With this new technology the time between the money leaving your account and reaching the recipient of the check will be reduced. Now more than ever make sure there is money in your account before writing out any checks
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Identity theft is a crime that is growing quickly, below are a few guidelines to help keep you and your family safe.
Don't just throw unwanted mail into the garbage!!
- Shred ALL sensitive financial documents before throwing them away.
- Shred ALL unwanted financial solicitations before throwing them away.
Don't keep old credit cards or ATM cards around!
- Report lost or stolen credit cards immediately.
- Call each credit card issuer and ask to have the stolen card accounts closed.
- Be careful with your ATM receipts. Never throw away these receipts in a public trash can.
- Guard your Personal Identification Number (PINs).
- Don't write your PIN on your ATM card and don't keep your PIN with your cards.
- Sign the back of your ATM/MasterMoney card, immediately upon receipt.
- Keep a list of credit cards and their company phone numbers in a safe place in case they are lost or stolen.
- Never lend your card to other people.
Don't put sensitive information on your checks!
- Don't preprint your driver's license number, Social Security number, or telephone on your check.
- Call us immediately to report lost or stolen checks (207) 442-8711.
Be alert on telephone scams.
- DO NOT provide personal information over the phone.
Be cautious on the Internet.
- Do not share personal information over the Internet with companies or people that you don't know.
- Be sure that you are working on a secure web site when transmitting senstive information via the internet - look for the padlock in your internet browser or https:// before the web address.
- Never send important personal information via email -- anyone can read emails sent over the internet.
- Never open email from people you don't know - just delete it!
General Precautions
- Install virus protection and spyware protection on your computer.
- Choose passwords carefully. Do not choose dictionary word or numbers associated with your address or birthday.
- Do not use the same password for important accounts.
- Other things you should do to protect yourself:
- Carry only what you need. Do not carry your Social Security card, passport or birth certificate unless needed that day.
- The less personal information you have with you, the better off you will be if your wallet or purse gets stolen.
- Keep track of bills. If a regular bill did not arrive on schedule, call the company to find out why. If your bills include any suspicious items, don't ignore them. Investigate them immediately.
- Review your credit report periodically to make sure the information is correct.
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