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What ia an inclearing check?
An inclearing check is a check written to someone that they cash or deposit.
What is the check clearing process?
When a check is issued and later deposited, the depositing institution presents the check to the Fed Reserve Bank in the form of a cash letter. The FRB then facilitates the passing of credits and debits between banks via Fed Accounts. The FRB will then send the check in the form of an inclearing file to the issuing bank where they will have the ability to vet the funds against customer accounts to determine pay/no pay decisions. In the event the customer has sufficient funds, the issuing bank will debit their customer in order to become whole for the funds debited to them by the Fed. If the customer does not have sufficient funds, the bank will return the item via the Fed and be passed back a credit. The customers inability to pay the check will be communicated to the depositing institution in the form of a charge back which allows them to remove the deposit before the hold expires.
How do you check a check to see if it is good?
call or check with the bank that the check is wrote on
Is cashiers check a cancelled check?
A cashier's check is not a cancelled check unless it has been cashed. A cancelled check is one that has already been cashed. Once you cash a cashier's check, the bank keeps it and you don't get it back. If you write a personal check, once it is cashed, that check will come back to you in your statement as the physical item which will be a cancelled check - or you will get an image of the cancelled check.
Is a check from your job a Third Party Check?
A third party check is a check which is signed over to an individual not named on the front of the check as either the maker (entity writing the check) or the payee (to whom the check is payable). The payee signs the check over to another individual, who is the "third party."
