Broke— we have all been there at some time or another. Some consumers, such as students, the elderly or those on limited income know all about how to make ends meet. It's Wednesday. I get paid on Friday. I have five dollars. I can pay these bills with a check and I'll have my paycheck by the time they clear.

That used to be the way to do it. However, a recent banking change called Check 21 changes all that. Instead of having to move by train, plane and automobile, checks can now be converted to electronic checks, which usually clear within 24 hours. The result is essentially zero float time on your check, making things more efficient.

Check 21 is said to cut fraud and increase security. But consumer advocates have concerns, as well. Check 21 puts no obligation on the banks to credit deposits any faster, even when they clear immediately. You may still get caught in the loop, even if you don't float checks. To consumers watching funds, knowing whether there is a hold on a paycheck or other check affects not only how money is spent, but now it affects when that money is spent. Other consumers are concerned because they no longer receive the original check with their statements— only photocopies. Consumers, left with the short end of the stick, are left with more concerns and questions.

Check 21 is a good start, but tweaks need to be made before it will be lauded by consumers.