The Check 21 Act is legislation that went into effect on October 28, 2004. It will permit any person or entity who processes a check to create what the Act calls a “Substitute Check” — a paper reproduction of the front and back of the original check. The substitute check will also bear the legend, “This is a legal copy of your check. You can use it the same way you would use the original check.” This substitute check will be an electronic image of the original check.

Typically, when a check is written for any transaction — paying a bill, making a purchase — it is that actual check that must be processed. It must be physically transported from one location to the next, and that can mean days to complete the payment cycle. This can also mean an increased risk of the check being lost or stolen.

If you balance your checkbook regularly or record your transactions as you make them, you will hardly notice any difference. However, members who rely on a delay between the time a transaction is conducted and the time it clears their account could run the risk of a potential overdraft. A good rule of thumb to follow: If you don’t have the funds in your account at the time you are writing the check to cover the check, you shouldn’t write it!

With the creation of a substitute check, payments can be processed electronically — decreasing processing time and reducing the likelihood of items being lost or destroyed in transit. And with faster processing comes decreased “float” times, or the time between the writing and the cashing of the check.

Members of First South already have some experience with this; checks are imaged and provided via online banking or through our banking centers.

If you have questions or concerns, please visit any of our financial centers or call us at 901.380.7400.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires financial institutions to obtain, verify and record information that identifies each person.

What this means for you: When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver's license or other identifying documents.

Use your free First South VISA check card to access your checking account anywhere VISA is accepted to pay for purchases. Or use it at any First South ATM 24 hours a day to make deposits and withdrawals, check your balance and make transfers. The amount is deducted directly from your checking account. You have the convenience of a credit card, but without the interest charges. The check card can also be used as your ATM card for easy convenience. The fee for using a foriegn ATM is $1.50* per transaction, plus any surcharge the ATM's financial institution may charge.

New Changes for Check Card Holds
Recently First South changed how we process check card transactions. The biggest change that effects your account is the use of authorized holds. Now when you use your check card to make a purchase, the needed funds are placed on hold, meaning it is no longer part of your available balance. That way, the money is there to clear that transaction when the item is presented for payment. To avoid this affecting your account negatively, use a credit card for buying gas, reserving hotel rooms or rental cars or ask the merchant how much the pre-authorized hold amount will be and place additional funds in your checking account to cover it.

Use your free First South ATM card to access your checking account at a First South ATM 24 hours a day to make deposits and withdrawals, check your balance and make transfers. Also, use it to get cash at most ATM's worldwide. There is no charge when you use a First South ATM. The fee for using another ATM is $1.50* per transaction, plus any surcharge the ATM's financial institution may charge.

You're never more than a phone call away from your First South account. All you need is a touch-tone phone to check your balance, see which checks have cleared, make transfers and more. Call 380.7400 and have your member number ready. It's easy, fast and convenient.

With Online Banking you can bank from a PC anytime from anywhere. You can transfer funds, pay bills, see if your checks have cleared and more!

If your checking account has insufficient funds, we'll transfer the necessary funds if they are available from your savings account or previously approved line of credit to cover your check. The cost for this is only $1* for each transfer, but you avoid the inconveniences of costly overdrafts.

With Overdraft Privilege, First South will honor an overdraft transaction up to a maximum preset limit of $300.00 – $1500.00. All you need is an eligible Personal Checking Account. As long as your account remains in good standing First South will honor overdrafts and charge a Non Sufficient Funds (NSF) fee for each transaction to be deducted from your account. To make sure this service remains available, your account must be brought to a positive balance within 30 days. Overdraft Privilege is not a line of credit but a courtesy extended to accounts that qualify — no action is required on your part. For more information call 901.380.7400.

As you write checks, carbonless copies remain in your checkbook. It's easy to balance these with your monthly statement. Copies of checks are available for a minimal fee if you ever need them.

If you are setting up direct deposit for the first time, you will need the following information:

Your account number is 13 digits long. If you need to configure your account number for ordering checks or starting a payroll deduction or direct deposit, here's how:

Say for example, that your member number is 999999. And you want to have a direct deposit to your checking account. Your checking account number will be:

1010000999999

1 = share account (savings/checking). This lets us know that this is not a loan or another type of deposit account, such as a certificate or club account.

0100 = the share ID - this is a 4 digit number that identifies a particular type of share account. For example, your savings account share ID is normally 0000. However, if you have more than one savings account for your member number, it may have a different ID, like 0001 or 0006.

00999999 = your member number with enough leading zeros to make it 8 digits long. If your member number is less than 6 digits, you'll need to add enough zeros before it to make it 8 digits in length.

If you have questions regarding your account number, just give us a call at 901.380.7400. We'll be happy to help you! For your protection, we cannot give out account information via e-mail.

*Fees and minimum balance requirements are subject to change without notice. Please see First South for details.