ow that Check 21 is official, and the news has spread beyond the financial pages and business sections, many of your merchant customers are probably full of curiosity about the law's implications. Check writers of all varieties, from consumers to businesses, may be affected in some way and to varying degree by shorter float time. The number of bounced checks and the fees associated with them are expected to rise dramatically over the next several months as people grow accustomed to the reduced processing time Check 21 creates (see "Mainstream Media Picks Up Scent of Check 21," The Green Sheet, Nov. 8, 2004, issue 04:11:01).

To the rescue comes The Federal Reserve Board, which has compiled a list of 28 frequently asked questions and their answers. The FAQs cover all aspects of Check 21, including terms of the law, substitute and original checks and consumer protection. Be a hero and direct your merchants to the Web site or, even better, print out the questions and answers for them to have on hand at their businesses. The FAQs are available on the Web at www.federalreserve.gov/check21/faqs.htm .