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If you want to know how bank checks work, it's like this. You write an instruction (called a check) to your bank, telling them to pay a certain amount of money to a specific person (although you can also make out a check to "cash" meaning that anyone can cash it). You can then give this check to the person you wish to pay. This person then deposits the check in his or her account. His or her bank goes through a process of check reconciliation on a daily basis, because there are a huge number of checks being written and what matters to a bank is the total difference between how much money they are receiving from another bank, and how much money they owe to that same bank. If they are receiving $10,350,000 from a given bank, but also owe $10, 010,000 to that same bank, then the difference is $340,000 which they would then receive from that bank. Meanwhile, your personal account is debited for the check you wrote, and the person who deposited your check is credited. The money, thus, is transferred, as you specified.
Wiki User
∙ 10y ago
Wiki User
∙ 13y agoA Bank check is a non-negotiable monetary instrument that can be used by customers for paying for some services or for transferring funds to another person. Any person who has a check can issue the check to another person to pay for the services rendered by the other party. The other party would cash the check to claim the money due to them. The bank will pay the check if it is a valid check and the customer issuing the check has enough balance in his account to pay for it.
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Can you check your bank account balance?
I want to check my A/c
How do you read the back of a cashed bank check?
When a check is cashed at the bank, there is information the bank prints on the back of the check. The information includes the date and the bank and routing number of where the check was cashed.
Can you cash a check at a different bank?
You can cash a check at a different bank if the check was drawn on that bank. Some banks will cash a check drawn on a different bank but funds will not be available right away. They will wait for the check to clear.
What would you use to check your bank balance at the bank?
Check my balance
How do you check balance in bank online?
To check balance online you can download the app of respective bank or you can check it also on bank's official website.
Where to cash a check from Deutsche Bank?
You can cash a check from Deutsche Bank at any bank. Typically you will need to cash it at the bank in which you do business and provide identification in order to cash a check.
Do you need a bank account to cash a check?
No. Take the check to the bank that it is written on. Some banks will charge you a fee for cashing the check if you don't have an account with the bank, but they will cash the check.
Find out if a check has cleared the bank of New York?
You can check by phoning your bank.
What is a personal check for which a bank is guaranteed payment is called?
cashiers or bank check!
What determines whether a check is an out-of-state-check or not--is it the account holder's address or the bank's address?
The bank where the account was opened. Typically the bank address on the check.
Will Bank of America cash a jpmorgan chase bank check?
Will bank of America cash a jpmorgan chase check
What is the maximum value for a Bank of America check?
The maximum value of a Bank of America check can only be determined if the check is a hand-written personal check, cashier's check, or a Bank of America money order check. All are different.
