Check 21 Implementation Finding its Stride

In 2004, Wells Fargo became the first financial institution in the United States to transmit a check electronically. The transaction took place at a California ATM the same day the Check Clearing for the 21st Century Act, also known as Check 21, was signed into law.
The financial institution is now preparing to convert 400 of its Northern California ATMs into envelope-free machines by the end of 2006. Wells Fargo is not alone in their endeavor. Bank of America, Wachovia Bank, First Tennessee Bank and North Fork Bancorporation Inc. are launching envelope-free ATMs in the New York, Atlanta, Washington, D.C., and Washington State markets as early as this month.
“Check 21 was meant to be a catalyst from paper-based to electronic processing,” said Celent analyst Bob Meara. “The rails are being laid and progress is being made, but it is relatively slow.”
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