Sentence examples for substitute check in from inspiring English sources

After the settlement process, Bank 2 provides a copy of the substitute check to the customer who wrote the original check or includes information about the substitute check in that customer's monthly or periodic statement.

U.S. federal laws that also affect substitute checks include Federal Reserve regulations that provide for recrediting the amount of the substitute check in the case of fraud and duplicate payments caused by settlement of both the substitute check and the original check used for creating the substitute check.

Other laws and regulations that govern substitute checks in the United States include the Expedited Funds Availability Act, Article 3 (Negotiable Instruments), and Article 4 (Bank Deposits and Collections) of the Uniform Commercial Code (UCC), along with a variety of state and federal regulatory laws.

After the financial institution truncates the original check in favor of a substitute check, the financial institution can store or archive the paper check, return it to its own customer according to state law, or later destroy the original paper check.

As a negotiable instrument, a substitute check maintains the status of a "legal check" in lieu of the original paper check as authorized under the United States law Check Clearing for the 21st Century Act (Check 21 Act).

A substitute check (also called an Image Replacement Document or "IRD") is a negotiable instrument used in the United States to represent the digital reproduction of an original paper check.

Worse yet, to promptly correct problems that may arise from electronic processing, such as double payment of a single check or payment in the wrong amount, the new rules require a customer to present a copy of the check's electronic image, known as a "substitute check".

A properly prepared substitute check is considered the legal equivalent of the original paper check that can be accepted for payment or proof of payment in the same manner as the original check.

The financial institution or processor that truncated the original check must follow ASC X9 standards in the capture of check images and MICR data when it produces the substitute check.

The substitute check must accurately represent the MICR line of the original check.

The substitute check must bear the legend "This is a legal copy of your check.