News from Assemblyman 130th Assembly District JOSEPH A. ERRIGO   For immediate release: November 12, 2004 Contact: Adam Peterson (585) 334-5210 District Office: 3045 East Henrietta Rd., Henrietta, NY  14467 Albany Office: Rm 427 LOB, Albany, NY  12248

FOR RELEASE: IMMEDIATELY    ERRIGO NOTES CHECK 21      Assemblyman Joseph Errigo (R,C-Conesus) is advising constituents today about details of The Check Clearing for the 21st Century Act (Check 21), a new federal law that authorizes changes to the way banks process paper checks.      Errigo noted that Check 21 allows banks to process and deliver checks electronically and to print special copies or electronic reproductions of checks instead of transporting or holding original paper checks. This special copy or electronic reproduction is called an image replacement document (IRD) or a "substitute check." All checks, including personal, business, payroll and cashier's, are subject to Check 21.      To learn more about Check 21 and other banking procedures within New York state, visit the state of New York Banking Web site at www.banking.state.ny.us or call (877) BANK-NYS (226-5697).      "Check 21 offers many new advantages to the consumer," Errigo said. "With Check 21, consumers will be able to have their funds deducted from their account almost simultaneously, this cutting down on bounced checks. What You Need to Know:      Checks may be processed more quickly. Delays known as "float time" could be reduced, so a check that you write could clear in hours instead of days.      It may be more difficult to prove that a check has been forged or altered without the original check, so it is important to keep records. You probably won't be able to retrieve  your original paper checks.      Your bank is not required to keep your original checks for any period of time as long as it is able to provide substitute copies of the checks for seven years. (Before Check 21, banks were required to keep original checks for six years if they didn't return them to the consumers.)      Banks are not obligated to make funds available to your account any sooner than in the past. This means that it may still take three to five business days, or longer, for a check written to you to clear and the funds that check represents to become available. This is designed to prevent fraud.      If you have further questions about Check 21, please contact Assemblyman Errigo's office at 3045 East Henrietta Road, Henrietta, NY 14467, or call (585) 334-5210.                                                                                                                - 30 -                                                         11/12/04