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Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
Before 2004, if someone deposited a check in an account with one bank, the banks would have to physically exchange the paper check to the bank on which the check is drawn before the money would be credited to the account in the deposit bank. Under Check 21, the deposit bank can simply send an image of the check to the drawing bank.
Non-issuing bank: Generally a bank will not cash a cashier’s check if you aren’t a customer, but in some cases, the bank will move forward with the transaction. In those cases, the fee is ...
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Do not assume that because the bank has cashed the check for you, it is a legitimate check. After the bank has paid you the money, the bank has 30 days to determine if the check is valid or not. The bank will come after you if they discover the check/money order is counterfeit. You will be expected to pay the funds back to the bank.
A banker's draft (also called a bank cheque, bank draft in Canada or, in the US, a teller's check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank. [1]
Walmart cashes pre-printed checks, payroll and government checks, cashier’s checks, two-party personal checks and more. Walmart charges a maximum fee of $4 to cash checks of up to $1,000 and a ...