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The beneficiary bank can add an additional crossing to allow another bank, who are acting as their agent in collecting payment on cheques, to be paid the cheque on their behalf. The example is "State Bank of India". In these cases, the respective restrictions mandate to pay the cheque through State Bank of India (acting as collecting banker) only.
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.
The altered instruments were presented to the collecting bank, paid into an account in the name of the third party and cleared. In the first action, the claimants sued the collecting bank in conversion for the face value of the cheque and in the second action, the claimants sued the paying bank in conversion for the face value of the banker's ...
Even when the use of cheques for paying wages and salaries became rare, the vocabulary "pay cheque" still remained commonly used to describe the payment of wages and salaries. Payroll cheques issued by the military to soldiers, or by some other government entities to their employees, beneficiants, and creditors, are referred to as warrants .
By contrast, when an individual requests a banker's draft the amount of the draft (plus any applicable fees and charges) is immediately removed from their account. (An individual without an account at the issuing bank may request a banker's draft and pay for it in cash, subject to applicable anti-money laundering law and the bank's issuing ...
While a collection item will drop off after seven years, chapter 7 bankruptcies stay on your credit reports for up to 10 years. This means you can spend a decade after bankruptcy struggling with ...
An Illinois law that goes into effect in 2025 seeks to bar interchange fee collection on taxes and tips, which sparked a legal fight with the banks. Illinois Bankers Association v.
A standing order (or a standing instruction) is an instruction a bank account holder ("the payer") gives to their bank to pay a set amount at regular intervals to another's ("the payee's") account. The instruction is sometimes known as a banker's order. They are typically used to pay rent, mortgage or any other fixed regular payments.