Lets say I owe you Rs. 10,000/- and give you a cheque drawn on my bank account (ICICI). Let us see the sequence of events
1. I hand over the cheque worth Rs. 10,000/- drawn on ICICI Bank to you
2. You take it to your bank (lets say HDFC) and deposit it into your bank account
3. HDFC Processes the cheque and sends a request to ICICI for payment
4. If I have enough funds in my account, ICICI will process the payment and release the funds to HDFC Bank
5. HDFC Bank processes the payment and credits the funds into your bank account
The above is a simple illustration of how this whole Cheque Collection & Clearing mechanism works. If you had an ICICI Bank account too, this whole process would be much faster because, step 3 is not required at all. The bank will just check if you have enough funds in your account and if so, move the money into the payee's bank account
Different banks will have different policies for clearing government checks depending on the amount of the check. Fraud using checks designed to look like they are issued by the US Federal or a State government is widespread, and while many banks will clear checks in relatively small amounts within 3-4 business days, larger checks may be held for up to 21 days to make sure they are genuine.
usually they take up to 4 days but if its a higher sum they may keep it for a VERY long time!
Most banks charge fees for the checks you use for your checking account. However, some banks such as Bank of America may offer free checks to enhance their business.
Many banks offer checks for free, based on either the type of account you sign up for, additional services that you purchase from the bank, or the average balance you maintain in your account.
A box of Walmart checks runs around 10 dollars a piece. Most boxes of checks are about 10 dollars from banks anyways, and they come with around 100 checks in the box.
3days
No, they don't. Since the banks are closed for the holiday, checks that would have normally cleared on the holiday will clear on the following business day.
Federal reserve banks do not "clear" checks. That is done by the bank that the check was written on.
Different banks will have different policies for clearing government checks depending on the amount of the check. Fraud using checks designed to look like they are issued by the US Federal or a State government is widespread, and while many banks will clear checks in relatively small amounts within 3-4 business days, larger checks may be held for up to 21 days to make sure they are genuine.
A check is considered "stale" after 60 days. Most banks if they notice the date they will not accept it. But I have seen banks process and clear checks over that time in the past.
usually they take up to 4 days but if its a higher sum they may keep it for a VERY long time!
Image checks are not offered by all banks as part of their service. One of the banks that does offer image checks, though, is Bank of America, although fees may be applicable.
Do banks do a criminal check for a loan
no banks do
You can get that number on your checks.
PNC bank offers unlimited checks . Other banks that offer unlimited checks are; People's United bank, Key bank and Capital one bank. These are some banks that offer unlimited checks.
There are several banks that offer checks for free not only as a promotion but in today's world, it is a given. Some also offer fancy backgrounds on the checks for free as well.