Money IQ
Have you ever wondered why a Financial Institution may delay availability of funds on your deposit? There are many different reasons why a Bank might choose to place a temporary “hold” on your deposit. Before we discuss these reasons, let us be clear on what exactly is a check.
Here are some definitions of common terms related to checks:
- Check: An order written by someone directing the bank to pay a specified sum to the order of a certain named person(s.) The check also directs the bank to debit the drawer’s account by the amount of
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