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Yes? How did you assume a check worked?
by Cushman 14y ago
Yes? How did you assume a check worked?
- J_Darnley 14y agoNot the parent, but... You write a cheque to X. X hands it to their bank A. A asks your bank B for the amount on the cheque. B asks A for the cheque to check its valid. B sends money to A. Done. Which is why I thought they take days to be processed.
- ams6110 14y agoUsed to work that way. Not anymore. Routing number and account and amount are sent electronically to a check clearinghouse and the money is transferred sometimes the same day or even close to real-time. The paper itself gets scanned, and the original shredded. See http://en.wikipedia.org/wiki/Check_21_Act http://en.wikipedia.org/wiki/Check_21_Act