What does Check 21 really mean to you?

Officially know as the Check Clearing for the 21st Century Act, "Check 21" became law on October 28, 2004. While Check 21 doesn't change how people or businesses write checks, it does have an impact on how checks are processed by financial institutions like Monarch.

By enabling financial institutions to scan paper checks and send images to electronic processing, Check 21 creates more efficient ways of processing checks. But, as a check writer, there are some things you need to take into consideration.

• Your checks will clear faster, so "float" will be reduced, and in some cases, even eliminated. So, be sure you have money in your account when you write that check!
• Over time, if you are getting images with your statements, you will notice "substitute checks" appearing in lieu of images of the actual checks. This is normal as banks in the processing sequence have the option to either forward the actual check, or create this substitute item.
• Check 21 will help financial institutions combat the increasing problem of check fraud by providing faster detection methods.

To help you understand more about Check 21, Deluxe Check Printers (Monarch's vendor for check production) has created a helpful site with answers to many other common questions. Be sure to stop by and spend some time to make sure you understand what Check 21 means to you!

Have you thought about a Debit Card?
Merchants are taking steps to help combat the increasing problem of check fraud. While Check 21 helps with this fight, in some instances the services merchants are using don't rely on bank-provided information and may result in "false-positives". This means you could get your check denied at the grocery store or at the mall, and there's not much the bank can do to help.

With a Monarch Debit MasterCard® the bank is providing information on your purchase request. We know your balance, and provide authorization for your purchase, not some third party. Plus, you avoid the hassle that often comes with writing a check like getting out your driver's license or another piece of identification, which takes longer at the checkout line.

Best of all, a debit card from Monarch Community bank is FREE*, so ask for an application next time you're in any of our office locations and experience the convenience a debit card has to offer.

*No annual fee. No charge for point of sale (POS) transactions or ATM transactions performed at Monarch-owned ATM machines. If you use an ATM that is not owned or operated by Monarch, a fee may be assessed by Monarch and/or the owner/operator of that ATM.