How does the bank process a check deposited into an account? April 7, 2010
Posted by Credit in : Corporations , trackback
pinktinkxoxo asked:
How does the bank get cash from another bank when a check is deposited? Does the bank mail the check to the bank it was written from and request cash or is it like a credit with that bank?
How does the bank get cash from another bank when a check is deposited? Does the bank mail the check to the bank it was written from and request cash or is it like a credit with that bank?
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usually at the end of the day the bank sends the check off to another bank for the money they requested. I believe that they do mail it.
After the Check 21 act was passed, what essentially happens is the information on the check is used to make an electronic transfer from the one bank to the other. pretty much everything is done electronically these days, even when a paper check is written.