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Below are the steps involved in the check clearing process.
1. Person A issues a check from Bank X to Person B
2. Person B deposits the check into his account with Bank Y
3. Bank Y Accepts the check and sends it to Bank X for verification
4. Bank X verifies the accuracy and legitimacy of the check including the signature and releases payment to Bank Y if person A has enough balance in his account to honor the check payment
5. Bank Y accepts the payment and credits it into the account of Person B
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∙ 13y ago
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Can a stop be placed on a cleared check?
A cleared check is one for which the money due by means of the check has already been paid to the payee. So a stop cannot be placed on it because, the funds have already been paid out and the bank cannot reclaim the funds paid out for a check.
Can you write checks on deposits that has not cleared the bank?
If I write check on deposits not cleared by bank, it will in all probability get dishonored with the remark 'Insufficient fund' and a charge will be deducted from my account by the bank. However, I can intimate my banker prior to issuing the check that my deposits are not yet cleared and that the check may kindly be honored without refusal of payment.The above intimation has to be earmarked in the books of a/c. of the bank to prevent embarasing situation.
What if your statement has arrived with an ending balance of 972.25 After marking off the checks and deposits that have cleared you find you have check?
Yes
What if your bank statement has arrived and shows an ending balance of 972.25 After reconciling the checks and deposits that have cleared you find you have check?
1,205.89
How long does it take a check to clear at target?
With the current electronics, checks can be cleared almost immediately. There is little opportunity to 'kite' a check as there was in the past. You need to make sure the money is in the bank before you write the check.
If a check which has been cleared could it still bounce?
yes many times a bank will indicate that a check is cleared and later the check will come back from the other bank stating that it was not a good check or NSFs. Unfortunaetly there are some banks that will show a check as cleared even before it has as a customer courtesy
A check is considered this if it has not yet cleared the financial institution?
An outstanding check.
Find out if a check has cleared the bank of New York?
You can check by phoning your bank.
What is Difference between cheque bounce and not cleared?
check bounce is when you do not have sufficient balance in your account and check not cleared is when the process is delayed on either end due to some problems
Can a cashiers check have a stop payment put on it by telephone?
if the check was made out to a company that is now being investigated, can it be stopped if it has not cleared the bank or if it has cleared the bank is there a 30,60 or 90 day rule?
Can a stop be placed on a cleared check?
A cleared check is one for which the money due by means of the check has already been paid to the payee. So a stop cannot be placed on it because, the funds have already been paid out and the bank cannot reclaim the funds paid out for a check.
What is a check considered if it has not yet cleared a financial institution?
promise to pay
How long does a giro check get cleared by in abbey national bank?
48hours
Check 1111 for 19.72 check 1112 for 9.50 and check 1113 for 35.00 have not cleared the bank what is the total amount of outstanding checks?
The total amount of outstanding checks is 64.22 is arises as a result of adding the amount of checks 1111, 1112 and 1113 which have not cleared.
Can you stop a check after it has cleared?
I don't think so, but I could b rong
Can you check the history of a cars check engine light?
Many cars will keep a history of any codes that have been tripped since the last time the codes were cleared. Once codes are cleared by a scanner they are erased permenantly.
How do you record a donation to an educational facility?
A copy of the cleared check should be sufficient for the IRS.
