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In 2009, Hawaii banks (including Bank of Hawaii) will be moving to a new method of processing and clearing checks called Electronic Check Image Exchange. This new method is already in place at many mainland financial institutions, including the Federal Reserve Banks. It is intended to streamline the check clearing process by eliminating the need to physically transport checks between banks.
The move is a result of the Check Clearing for the 21st Century Act (more commonly referred to as “Check 21”), which became law in October 2004. The law, which affects financial institutions across the country, enables banks to electronically exchange digital images of checks rather than transporting and exchanging paper checks.
Beginning in January 2009, cleared paper checks will no longer be included with statements. Personal checking (including Bankohana checking) customers who currently receive cleared checks with their statements will be automatically converted to statements with check images. Business banking customers who currently receive cleared checks with their statements will be automatically converted to Check SafeKeeping.
For customers with Personal Money Management Checking, the fee for canceled check return when the account is below the balance will be eliminated.
With Check SafeKeeping Bank of Hawaii will store all your cleared checks electronically for up to seven years, which will help reduce the risk of fraud and lost or stolen checks. When you need a copy of a check, you may go to the nearest branch to request a copy.
Another way to view your cleared checks is with e-Bankoh Online Banking. Once enrolled with this service, you will be able to see an image of the front and back of your check online. e-Bankoh is free for Bank of Hawaii customers with personal and small-business checking accounts.
If you have any questions or would like to discuss other alternatives, please visit your nearest branch or call us at 1-888-643-4888.