|
"Check 21" Changes Check Processing Time
"The Check Clearing for the 21st Century Act", also known as "Check 21" took effect October 28, 2004, and will affect how checks are processed, the speed at which they will clear your bank, and how they will look. It allows financial institutions to convert paper checks into "substitute checks" which will be processed electronically.
Here's how it works: Suppose you were to write a check to the Bugbee Senior Center for $3 to pay for lunch. When we deposit your check into our account, our bank will make a "substitute check" which will be forwarded electronically through the Federal Reserve Bank's check clearing system to your financial institution, which will immediately debit your account for $3.
The main effect of this new law that you may feel is that checks that you write are likely to be processed much more quickly than before. It is very important that you make sure that you have funds immediately available when you write a check. Be aware that this new law does not affect the way deposits are credited to your account. While checks will be processed almost immediately, deposits can still take 7 to 10 days.
"Check 21" does not require financial institutions to process checks by this methods, but it does require that they accept "substitute" checks as legal equivalents of paper checks. If you have questions, call the Customer Service department at your financial institution.
Crisis Fuel Assistance
The "Crisis Fuel Assistance Program" opened on Nov. 29th and continues into April 2005. You can get help with emergency heating needs even if you have too much income for the supplemental fuel program. Each case is considered individually and allowances can be made for unexpected or extenuating circumstances. The phone number to call is 1-800-464-9951 (Southeastern Vermont Community Action).
There is a state-wide assistance available on weekends, holidays, and after-hours by calling 1-800-287-0589. However, it is much better to prevent a fuel emergency by calling when supplies are getting low.
You may call Melanie at the Bugbee Senior Center if you have questions about fuel assistance programs.
|
|
