Check Clearing (Explained) 2017

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This is a simple educational video that provides step-by-step instructions on how check clearing works. Check clearing is a process used by all banks, therefore it affects all consumers and businesses that transact via writing a check. Failing to understand how this process works, can result in you paying unnecessary fees to banks. Learn how to avoid these issues, today.

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Working at a bank, I feel everybody should watch this. In short, checks are a horribly antiquated, fraud-ridden way of payment so don't be surprised if a teller is skeptical of a piece of paper you claim to be worth thousands of dollars and wants to put it through clearing to protect everyone involved

mattpaul

How did the check clearing process work before electronic communications? Five days probably wasn't enough time for the entire process outlined in this video.

stevek

i wish they would have taught this in high school or junior high at the earliest

kalelsuperman

Its the Christmas music for me. Annoying at first but at the end of the video i began to miss it. Lmao. Very well explained.

brodie

With banks having the NEWEST machines and scanners that can pick up COLORED ink, such as written on checks, that can have a lot of advantages:

1. It’s fun to use colored pens!
2. Easier on the flow for the bank business
3. Gone are the days of “Do I have to use black ink so that the payment can guarantee to be processed smoothly?” and “If I use colored ink, what if it doesn’t show up?”
4. Banks can attract more customers!
5. Easier on the mortgage lenders, because the mortgage borrowers can pay their mortgages more smoothly and on time, even with checks in colored ink! Also, it decreases chance of foreclosure, as foreclosure is no fun!
6. Decreases bank/late fees!
7. Overall decreases stress and pressure for the customers and the banks!
8. Nobody will be judged!!!

chenyee

Then why electronic payment is more faster?

maddys.r

Question, if there be need for the bak to penalize for fraud check, whose bank account is punished, is it the payor or payee?

RodericRusiana-lr

Very informative. Could you answer on below questions on priority please since we need to make the transfer of 21 lakh Rs with in 2 working days with 100% guarantee due to land registration last date.

1. How long it takes for cheque clearance of amount less than 10 lakh or more than 10 lakh exact 10 lakhs.
2. We need to transfer 3 cheques from SBI and Bank of Baroda to Bank of India in maximum 2 days due last date of registration Byanna...
3. If if submit cheque before 12 PM or after 12 PM how long it takes.

sonujalwal