Effective Implementation of Cheque Truncation System in Idbi Bank, New Delhi

NSF check – The bank will return the check to the healthcare practice marked NSF, the payment posted to the patient will be reversed.

New Single Accounts – 30% of mail - 1.75 person hours per batch of 50 New Joint Accounts – 40% of mail - 2.5 person hours per batch of 50 Single accounts with CIfing already done – 10% of mail - 1.40 person hours per batch of 50 Joint Accounts with CIfing already done – 20% of mail - 1.75 person hours per batch of 50 Time Spent on Posting Cheques -

Providing a self-check-out machine to save the customer’s time. Also, these machines will reduce the expenses that will be paid for the labours.

Payments will be made at either Centralized Disbursing (central cite) or the DMPO (remote site). All payments, except for emergencies (Death Gratuity and Gate Payments are currently the only two designated unless otherwise directed by the Commander/Director), should be made at the central site. The only terminal designated as remote is the DDO’s desk and will be used to make input of checks printed at the DMPO. Input and certification must be made at this terminal (DDS), i.e. if a payment is input on a remote terminal it must be certified on a remote terminal. Terminals not designated as remote are used for input to the central site.

• If you send a payment to the payment address on the statement and it is received by 5 p.m. local time, it will be credited to the account as of the day it is received, even if it is not posted on that date

from the time customers mail their checks to the time the firm receives and processes them. A lockbox

Fill in the blanks with the correct vocabulary terms from this chapter. 1. Judy was unaware that checks were processed through at her bank. before they arrived

By implementing and maintain multi-person checking systems, physical and electronic barriers and only allowing the minimum number of necessary people access to areas, cash and the ability to do certain tasks it helps ensure the safety of the company's assets. Different employees in the accounts department having checks in place to confirm balances match ensures that cash and equivalents are

A single purchase must be partially paid for immediately and the remainder can be paid within 30 days. However one check cannot pay for more than one purchase (just as one cash receipt from a customer cannot pay for more than one sale). The only payment terms BB has for a customer is to pay immediately in cash in full. Only one vendor or customer is involved in a transaction, however cash receipts and disbursements take place within other cycles of BB. All employees can be involved in many of their respective transactions over time.

Uniform Commercial Code, § 3-410; Dziurak v Chase Manhattan, 58 A.D.2d 103, supra; Matter of Bank of United States [O'Neill], supra was used to highlight the banks primary obligation to issue payment on demand for a cashier’s check since a cashier’s check is drawn by a bank and accepted in advance based on the act of issuance. Additionally, Subdivision (1) of section 4-303 of the UCC states that the payor bank cannot terminate, suspend, or modify the banks duty to pay an item or charge a customer’s account if notice is given without reasonable time for the bank to act on behalf of the notice expires or if the bank has accepted or terminated the item, which applies to the personal check that was cashed by the plaintiff. Furthermore, the Plaintiff’s request for the plaintiff to pay attorney fees was denied based on Klein v Sharp,41 AD 2d 926 which determined that attorney fees will not be imposed on the opposite party without the existence of a contract or statute that authorizes such

The Uniform Commercial Code clearly states that the financial institution issuing a certified check has a legal obligation to pay certified checks. After a check is issued, the member is no longer a party to the transaction, as the check is a contract between the credit union and the payee; therefore, the normal rules and procedures for stop payments do not apply.

1. A NSF check should appear in which section of the bank reconciliation? (Points : 2)

Some of the entries were made on a Check window, some of them on Deposit window

Banking-related transactions that typically take long span of processing can now be done in just a few minutes, or even seconds. Aside from this, there are still other brilliant benefits that the IT has contributed to the finance sector, which may bring not only advantages but also possible drawbacks.

• Describe the meaning and marketing of cheques, crossing of cheques and cancellation of crossing of a cheque;