check truncation

check truncation
A process whereby deposited checks are retained by the fist bank (payee's bank) with notification sent to the local bank (payor's bank) that the check has been deposited. Canceled checks are not returned to the maker.
Sometimes called check safekeeping. American Banker Glossary

Financial and business terms. 2012.

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Look at other dictionaries:

  • Check 21 Act — The Check Clearing for the 21st Century Act ( Pub. L. No. 108 100 signed by President Bush on October 28, 2003). The law facilitates check truncation by creating a new negotiable instrument called a substitute check, which permits banks to… …   Financial and business terms

  • check safekeeping — See check truncation …   Financial and business terms

  • Check 21 Act — The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, Pub.L. 108 100, that was enacted on October 28, 2003 by the 108th Congress. The Check 21 Act took effect one year later on October 28, 2004. The law… …   Wikipedia

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  • Remote deposit — refers to the ability to deposit a check into a bank account from a remote location, such as an office or home, without having to physically deliver the check to the bank. This is typically accomplished by scanning a digital image of a check into …   Wikipedia

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