How does the bank get cash from another bank when a check is deposited? Does the bank mail the check to the bank it was written from and request cash or is it like a credit with that bank?
After the Check 21 act was passed, what essentially happens is the information on the check is used to make an electronic transfer from the one bank to the other. pretty much everything is done electronically these days, even when a paper check is written.
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on Wednesday, October 14th, 2009 at 4:11 am and is filed under bank of.
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How does the bank get cash from another bank when a check is deposited? Does the bank mail the check to the bank it was written from and request cash or is it like a credit with that bank?
After the Check 21 act was passed, what essentially happens is the information on the check is used to make an electronic transfer from the one bank to the other. pretty much everything is done electronically these days, even when a paper check is written.
This entry was posted
on Wednesday, October 14th, 2009 at 4:11 am and is filed under bank of.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
usually at the end of the day the bank sends the check off to another bank for the money they requested. I believe that they do mail it.
References :
After the Check 21 act was passed, what essentially happens is the information on the check is used to make an electronic transfer from the one bank to the other. pretty much everything is done electronically these days, even when a paper check is written.
References :
http://www.federalreserve.gov/paymentsystems/truncation/faqs.htm