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Frequently Asked Questions by Department
CUSTOMERSERVICE:
If your Customer Service question was not answered here, e-mail it to us at info@bankofthebluegrass.com or call us at (859)233-4500. LOAN DEPARTMENT: Loan Payments
Paying
your loan off faster:
Loan
rates:
If your Loan question was not answered here, e-mail it to us at info@bankofthebluegrass.com or call us at (859)233-4500. TRUST:
If your Trust question was not answered here, e-mail it to us at info@bankofthebluegrass.com or call us at (859)233-4500. BOOKKEEPING:
If your Bookkeeping question was not answered here, e-mail it to us at info@bankofthebluegrass.com or call us at (859)233-4500. TELLER AREA:
If your Teller question was not answered here, e-mail it to us at info@bankofthebluegrass.com or call us at (859)233-4500. MUTUAL FUNDS:
If your Mutual Fund question was not answered here, e-mail it to us at info@bankofthebluegrass.com or call us at (859)233-4500. INTERNET BANKING & BILL PAYER:
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If your Internet Banking or Bill Payer question was not answered here, e-mail it to us at info@bankofthebluegrass.com or call us at (859)233-4500.
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Frequently Asked Questions about Check 21 1. What is Check 21 and what is its basic purpose? 2. How will Check 21 make check processing more efficient? 3. Is electronic check processing secure? 4. What changes can I expect when Check 21 goes into effect? 5. Will Check 21 result in my check being paid sooner? 6. Will Check 21 affect how quickly I receive funds from the checks that I deposit with my bank? 7. What is the difference between Check 21 and programs that convert checks to electronic payments? 8. What is a substitute check? 9. When is a substitute check legally the same as the original check? 10. Can I use a substitute check as proof of payment? 11. How are image statements different from substitute checks? 12. Can I demand a substitute check from my bank instead of a copy? 13. What should I do if something is wrong with the substitute check that I receive? 14. Is my bank required to tell me about substitute checks? 15. Can I still get my canceled checks back? 16. Can I get my original check if I need it? 18. What if I receive a substitute check representing a fraudulent original check? 19. How am I protected under Check 21? 21. If I suffer a loss related to a substitute check I received, can I file a claim with my bank? 23. How do I make a claim under the Check 21 refund procedure? 24. How quickly must my bank handle my claim, and when will my account be refunded? 25. How will I know if my bank has refunded my account? 26. Can my bank delay my ability to withdraw the amount that it refunds? 27. What happens if my bank says it charged my account correctly?
1. What is Check 21 and what is its basic purpose? Check 21 is a federal law that is designed to enable banks to handle more checks electronically, which should make check processing faster and more efficient. Today, banks often must physically move original paper checks from the bank where the checks are deposited to the bank that pays them. This transportation can be inefficient and costly. Check 21 becomes effective on October 28, 2004.
2. How will Check 21 make check processing more efficient? Instead of physically moving paper checks from one bank to another, Check 21 will allow banks to process more checks electronically. Banks can capture a picture of the front and back of the check along with the associated payment information and transmit this information electronically. If a receiving bank or its customer requires a paper check, the bank can use the electronic picture and payment information to create a paper "substitute check." This process enables banks to reduce the cost of physically handling and transporting original paper checks, which can be very expensive.
3. Is electronic check processing secure? Electronic check processing is not new to the financial industry and is a safe and reliable way of processing payments. It uses technology that has been developed and tested to process your check information securely.
4. What changes can I expect when Check 21 goes into effect? After October 28, 2004, you may receive a substitute check when you were expecting an original check. For example, if you receive canceled checks with your account statement, you might begin to receive a mixture of canceled original and substitute checks. If you receive image statements (pictures of several checks on a single page), you also may notice that some of the pictures are of substitute checks.
5. Will Check 21 result in my check being paid sooner? With Check 21, banks will likely process more checks electronically. As a result, your check may reach your bank faster and be paid sooner. Always make sure you have enough money in your account to cover the checks you write at the time that you write them.
6. Will Check 21 affect how quickly I receive funds from the checks that I deposit with my bank? Another federal check law (Expedited Funds Availability Act) specifies the maximum time periods by which your bank must make funds available to you. Some banks, however, make funds available sooner than this law requires.
7. What is the difference between Check 21 and programs that convert checks to electronic payments? A check you write may be processed as a check. In that case, your rights are governed by check laws and regulations. Under electronic check conversion, the check is used only as a source of information to create an electronic fund transfer and is not processed as a check. You must receive notice that your check may be processed this way. Electronic fund transfers are governed by different laws and have different consumer rights than check payments. For more information about electronic check conversion, see the brochure "When Is Your Check Not a Check: Electronic Check Conversion" published by the Federal Reserve Board.
8. What is a substitute check? A substitute check is a paper copy of the front and back of the original check. A substitute check is slightly larger than a standard personal check so that it can contain a picture of your original check. A substitute check must be printed in accordance with very specific standards so that the substitute check can be used in the same way as the original check.
9. When is a substitute check legally the same as the original check? A substitute check is legally the same as the original check if it accurately represents the information on the original check and includes the following statement: "This is a legal copy of your check. You can use it the same way you would use the original check." The substitute check must also have been handled by a bank. If you receive a substitute check that is not legally the same as the original check and you suffer a loss related to the substitute check, Check 21 provides you with a special procedure that you can use to get your money back.
10. Can I use a substitute check as proof of payment? Yes. You can use a substitute check as proof of payment because it is legally the same as the original check. For instance, the IRS will accept your substitute check as proof of payment. If you do not have a substitute check but have a copy of an original check or a copy of a substitute check, you usually can use these documents as proof of payment.
11. How are image statements different from substitute checks? Instead of providing canceled checks, some banks provide customers with image statements that show multiple pictures of canceled checks per page. The pictures on the image statement could represent an original check or a substitute check. Whether the consumer receives an original check, a substitute check, an image statement, or a line item on his or her account statement, check law protects consumers against erroneous and unauthorized check payments. In addition, Check 21 provides a special refund procedure (called "expedited recredit"), if you receive a substitute check. For more information, see the consumer protection section below or contact your bank.
12. Can I demand a substitute check from my bank instead of a copy? Your bank may provide you with a substitute check, but it is not required by law to do so. If your bank does not provide you with a substitute check, you usually can use a copy of an original check or a copy of a substitute check as your proof of payment.
13. What should I do if something is wrong with the substitute check that I receive? A substitute check must show the front and back of the original check and be printed in accordance with very specific standards. If you receive a substitute check that appears to have a problem, such as it contains a bad picture of your original check, contact your bank.
14. Is my bank required to tell me about substitute checks? Under Check 21, banks are required to provide a disclosure to their consumer customers who receive canceled checks with their monthly statements. The disclosure describes substitute checks and consumer rights regarding substitute checks. Banks must provide this disclosure to existing customers not later than the first statement mailing after Check 21 becomes effective on October 28, 2004. After October 28, 2004, banks must provide this disclosure to new customers at the time the customer relationship is established. If you receive canceled checks with your account statement but did not receive the required disclosure within the timeframes described above, please request one from your bank. Banks must also provide a disclosure when a consumer requests an original check or copy of a check and receives a substitute check. In addition, the bank must provide a disclosure if a check the consumer has deposited is returned unpaid to the consumer in the form of a substitute check.
15. Can I still get my canceled checks back? Bank of the Bluegrass does not return original checks to their customers. All customers will receive an image statement which has "pictures" of checks and deposits clearing the account. The statement is hole-punched for easy storage in a Bank Statement binder.
16. Can I get my original check if I need it? Banks are not required currently to keep your original check for any specific length of time, and Check 21 does not add any new retention requirements. In many cases, the original check may be destroyed. If you request your original check from your bank, your bank may provide you with the original check, a substitute check, or a copy of the check. < |