Finance:Transit check: Difference between revisions
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{{Short description|Type of negotiable item}} | {{Short description|Type of negotiable item}} | ||
A '''transit check''' or '''not on-us check''' is a negotiable item ([[Finance:Cheque|check]]) which is drawn on another [[Social:Bank|bank]] than that at which it is presented for payment.<ref>{{cite web |last1=Kagan |first1=Julia |title=On-Us Versus Other Forms of Transactions |url=https://www.investopedia.com/terms/o/on-us-item.asp |website=Investopedia |accessdate=26 March 2020 |language=en}}</ref> | A '''transit check''' or '''not on-us check''' is a negotiable item ([[Finance:Cheque|check]]) which is drawn on another [[Social:Bank|bank]] than that at which it is presented for payment.<ref>{{cite web |last1=Kagan |first1=Julia |title=On-Us Versus Other Forms of Transactions |url=https://www.investopedia.com/terms/o/on-us-item.asp |website=Investopedia |accessdate=26 March 2020 |language=en}}</ref> | ||
Latest revision as of 07:13, 22 April 2025
Short description: Type of negotiable item
A transit check or not on-us check is a negotiable item (check) which is drawn on another bank than that at which it is presented for payment.[1]
For example, a check drawn on Bank of America, presented for deposit at Wells Fargo Bank, would be considered a transit item by Wells Fargo, while the same item presented for cash or deposit at Bank of America would be an on-us check. Routing numbers, as well as the bank name printed on the check, help to determine an item's classification.
References
- ↑ Kagan, Julia. "On-Us Versus Other Forms of Transactions" (in en). https://www.investopedia.com/terms/o/on-us-item.asp. Retrieved 26 March 2020.
See also
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