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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 ...
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 Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, Pub. L. 108–100 (text), that was enacted on October 28, 2003 by the 108th U.S. Congress.
Since the bank guarantees the funds, people commonly use cashier’s checks for large transactions like paying a security deposit for a new apartment, buying a car or making a down payment on a house.
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.
Depositing a paper check into your bank account could mean waiting a few days before you can access those funds. Banks routinely place holds on checks before crediting the amount to your account.
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