Duration 8 minutes

Audience Employees

Description

These days, most people use their debit card and automatic bill pay for paying off bills. Rarely do many of us use checks, and some struggle with knowing how to fill one out properly. If we're forgetting how to fill out checks, it's likely we've also forgotten how they work. In this course, we'll provide an overview of the check processing system. We'll discuss check clearing and how financial institutions communicate to move the cash from one bank to another using intermediaries. We'll go over endorsements, proofing, processing local versus non-local items, and check truncation. We'll also talk about potential problems with clearing a check.