Checks(Payment And Processing
By: Ismail Avdul-Hakim
Legal Structure
- State and Federal regulations structure govern the bankin industry.
- 3 key legislative acts mainly affect the checks processing system.
- banks provide regular and special printed check forms.
Drawer;Drawee;Payee
Person who writes the checks.
Bank ordered to pay the money.
Person the check is made out of.
Scenario;check process timeline
These checks display a series of numerous printed in magnetic ink that make it possible for computers.
You write a check for $113.72 for this month's cell phone bill.
Person usually take 2-5 days;banks are required to make a depositer's funds available within 5 days.