got this email from someone who works for bank of america in risk management:
Hi guys! Just wanted to let you know that Check 21 has been implemented as of yesterday. Bank of America is one of the major banks that has implemented this process. (I know that there are others that have implemented as of yesterday and some that plan on it in the near future.) If you are a Bank of America customer, this will effect you. For those of you that are not aware of what Check 21 is, here is a run down. Before, when you wrote a check, you had a cushion of 2 or more days before the check cleared. For those of us who write checks and go to the bank the next day, or two, to deposit money into the checking account to cover the check, most likely that check will bounce. With Check 21, checks will be processed electronically and will clear the same day. BE CAREFUL!!! This process can lead some people into high fee's due to bounced checks. For those of you that do not balance your check books, now is a good time to start. Lord knows I am guilty of that! Also, if you don't have overdraft protection, now is a good time to have that set up. That way, you will avoid getting hit with fee's. It has saved me plenty of times. You can have overdraft protection set up to where the money is taken from your savings account or your credit card.
Hope this information helps you guys out. Many people don't know that this process has been implemented.