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A substitute check (also called an Image Replacement Document or IRD) [1] is a negotiable instrument that is a digital reproduction of an original paper check.As a negotiable payment instrument in the United States, a substitute check maintains the status of a "legal check" in lieu of the original paper check, as authorized by the Check Clearing for the 21st Century Act (the Check 21 Act).
Cashier's checks, certified checks, or teller's checks*; Postal money orders; U.S. Treasury checks; Checks drawn on a Federal Reserve Bank or Federal Home Loan Bank; Any check issued by a state, city, county, or other municipality; Any check drawn from another account at the depository institution.
Check 21 has also spawned a new bank treasury management product known as remote deposit.This process allows depositing customers the ability to capture front and rear images of checks along with their respective MICR data for those being deposited.
3. Visit or Call the Bank. Only the bank that issued a cashier’s check can truly verify it. Keep in mind that you can’t verify a cashier’s check online, but other options are available.
Begin writing as close to the left side of the box as possible with the dollar sign snug against the first number. You don’t want someone to alter the check to $2,220.65.
As checks are money, once you receive a check, the best thing to do is to cash or deposit it as soon as possible. If time goes by, you might find yourself wondering “How long is a check good for ...
A negative check database contains a comprehensive list of people who either wrote a bad check at a retail location, paid a bill with a check that was returned, [3] also called "bouncing a check". Historical data check verification services that use a national network with a negative check database can be difficult for consumers and businesses ...
Although cashier’s checks are generally considered safer than personal checks, they’re also used in fake check scams that leave the victim responsible for reimbursing the bank that deposited ...