Bank Endorsement
Barron's Banking Dictionary:
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Bank Endorsement
Bank's endorsement of checks paid and presented to the check writer's bank for collection. Generally all checks passing through a bank, except those written by its own customers (called On-Us items), checks bundled together in Cash Letters or checks cleared with other banks through a local Clearing House are stamped with the bank's Aba Transit Number. This identifies the bank to other financial institutions and indicates the words "pay any bank" and the date the check is paid.
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Bank Endorsement
Investopedia Financial Dictionary:
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Bank Endorsement
An endorsement by a bank for a negotiable instrument, such as a banker's acceptance or time draft, that assures the counterparty that the bank will stand behind the obligations of the creator of the instrument.
Investopedia Says:
Bank endorsements are common in international trade, where the business parties are typically unknown to one another. Banks stand in the middle by assuring good funds to the recipient. A bank endorsement, in the case of a banker's acceptance, for example, is the equivalent of a guarantee.
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Barron's Banking Dictionary
Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved.
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