Check 21 Act

That old familiar "check float" will eventually disappear, thanks to the "Check 21" Act. The "float" is the unspoken grace period between the time you write a check and when it actually clears the bank! But bank experts we talked to say it could be years before that aspect of "Check 21" goes into effect.

Here's a look at how "Check 21" will work. Eventually, your checks will no longer take the "journey" from your hands to other financial institutions and back to your bank. They will be handled electronically, just like a debit card. Jim Blasingame with First Tennessee says the idea that the change will take effect days from now is too ambitious.

Experts with the "Check 21" plan also say there is still room for human error, and that the Act is not fool-proof, once it is completely initiated. Experts say, now more than ever, you need to keep a close eye on your account!