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If no agreement exists between Bank 1 and Bank 2 to exchange check images and data, Bank 1 must provide either the original check or the legal equivalent of the substitute check to Bank 2. As the paying bank, Bank 2 uses check image and MICR data or information from the substitute check received from Bank 1 to process the item during the normal ...
Ordering checks from the bank can be expensive; some banks may charge $30 or more for a set of checks. Meanwhile, getting your checks online from a third party is often a much cheaper alternative.
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 recipient bank no longer returns the paper check but electronically transmits an image of both sides of the check to the bank it is drawn upon. Consumers are most likely to see the effects of this act when they notice that certain checks (or images thereof) are no longer being returned to them with their monthly statement, even though other ...
And at 3 cents per check (based on a 60-check box at just $1.95), Super Value Checks is certainly the best place to order checks if you’re looking to save money.
“With a duplicate checkbook, you can keep a copy of every check you write, maintaining a record of the payee, amount and date of each transaction,” he says. Store your checks in a safe place.
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