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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.
A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD), [1] or image replacement document (IRD), [2] is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check).
The Check 21 Act took effect one year later on October 28, 2004. The law allows the recipient of a paper check to create a digital version of the original, a process known as check truncation, into an electronic format called a "substitute check", thereby eliminating the need for further handling of the physical document. The recipient bank no ...
How To Read a Check. Here are the different parts of a check and where you can find them: Personal information. Payee line. Dollar box. Check amount. Memo line
Many generations grew up sending paper checks in the mail when they needed to make a bill payment. Over the decades, technology has advanced to eliminate many needs associated with mailed checks...
In the case of a savings and loan association it was a negotiable order of withdrawal (compare Negotiable Order of Withdrawal account); if a credit union it was a share draft. "Checks" were associated with chartered commercial banks.
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A payee receiving a traveller's cheque would follow its normal procedures for depositing cheques into its bank account: usually, endorsement by stamp or signature and listing the cheque and its amount on the deposit slip. The bank account will be credited with the amount of the cheque as with any other negotiable item submitted for clearance.