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Yes, a person with a bank account (a depositor) can write a check against that account for a sum of money. The person given the check (who the check is made out to) then presents it to their bank and the banks between them move the money from the account of the person who wrote the check to the account of the person who was given the check.
What else can I help you with?
What are the types of cheques?
Cheques/Checks types: 1)Bearer Checks - Normal checks that will paid to the person who has his/her name as the check payee 2)Account Payee Checks - checks that will be paid only into the bank account of the person to whom the check is issued to 3)Travelers' Checks - equivalent to foreign currency and can be cashed into the currency denominated in it, at any bank in the target country. For ex: If I carry USD travelers checks, I can cash it with any bank in the USA 4)Bankers Checks - Checks issued by banks that can be used as cash equivalent
What is the difference between a cashiers check and a certified check and a bank check?
There is no real difference, just different names for the same idea. A cashier's/bank/certified check is a check which a guarantor, normally a bank, has written in exchange for cash or immediate withdrawal from a depositor's account. The funds are collected in advance by the bank so the payee (to whom the check is payable) has guarantee that they will be paid when the check is properly negotiated.
What is a late lodgement?
Late Lodgement is a receipt written in cash book but was paid to the bank after the bank statement was prepared. Hence, it does not appear in the bank statement that was prepared before the receipt was paid to the bank.
Can you use account payee checks as self check?
No. An Account Payee cheque can only be paid into a bank account and not as cash, which is the case for a self cheque.
What is the difference between a canceled check and a outstanding check?
A canceled check is a check that has been processed by the bank, meaning it has been paid out and deducted from the issuer's account. In contrast, an outstanding check is one that has been written and issued but has not yet cleared the bank, so it still shows as a liability on the issuer's account. Essentially, canceled checks confirm payments made, while outstanding checks indicate pending transactions.
What is cost of deposits of bank?
It is a combination of a number of components. a) The rate paid out to the depositor b) The Central Cash and Reserve Liquidity Requirement c) The compensation paid to the branch or the sales team that booked the deposit d) Any additional tangible or non-tangible incentives offered or paid to the depositor or the sales team When you combine these factors across all products and deposits across the bank you get the cost of deposit for the bank.
Bank accepting a check for deposite is returned, where is reference that reflects that depositor of a bad check is liable for the return. The bank is an agent for it's customer; therefore customer is liable until check is paid.?
The banks have the rights to return bad checks and take the money deposited in your account beforehand. You need to deal with the people who give the bad check yourself.
What is the definition for collected funds?
Collected funds in banking are funds collected by the depository bank. These may be checks or drafts paid by the drawee bank.
What are the types of cheques?
Cheques/Checks types: 1)Bearer Checks - Normal checks that will paid to the person who has his/her name as the check payee 2)Account Payee Checks - checks that will be paid only into the bank account of the person to whom the check is issued to 3)Travelers' Checks - equivalent to foreign currency and can be cashed into the currency denominated in it, at any bank in the target country. For ex: If I carry USD travelers checks, I can cash it with any bank in the USA 4)Bankers Checks - Checks issued by banks that can be used as cash equivalent
What is the difference between a cashiers check and a certified check and a bank check?
There is no real difference, just different names for the same idea. A cashier's/bank/certified check is a check which a guarantor, normally a bank, has written in exchange for cash or immediate withdrawal from a depositor's account. The funds are collected in advance by the bank so the payee (to whom the check is payable) has guarantee that they will be paid when the check is properly negotiated.
Can a successor trustee close a trust checking account when there are outstanding checks that havent been cashed?
No. No one can close a bank account when there are outstanding checks that must be paid to the bearer.
What kind of checks are checks which have been paid and returned with your statement?
They are known as cancelled checks as they have been paid.
What is a late lodgement?
Late Lodgement is a receipt written in cash book but was paid to the bank after the bank statement was prepared. Hence, it does not appear in the bank statement that was prepared before the receipt was paid to the bank.
Where can you cash a 15000.00 check from the us treasury?
At your bank, or if you don't have a bank try a supermarket. US treasury checks are guranteed to be paid so there is less risk in cashing them. However, banks can require you to have an account there in order to cash any checks, to prevent fraud and losses to them.
Does a life insurance have to prove that premiums were not paid?
No. How can they prove that nothing was received, if nothing was received? The person who was supposed to pay for the policy should have cancelled checks or bank statements indicating that premiums were paid.
Can you use account payee checks as self check?
No. An Account Payee cheque can only be paid into a bank account and not as cash, which is the case for a self cheque.
How do you find out where all of your checks are that bounced?
You need to get with your bank to see if they paid your checks or not. If they sent them back to the person who deposited the checks that you made out to them they will be at that person's office or business. You will receive a charge from your bank for bouncing the check and you will also get a bill from who you wrote the check to so you can pick up the bounced check. Some businesses don't keep their bounced checks they turn them over to a collection agency and then they will contact you. Hope this helps.
