Transit check
Topic: Finance
From HandWiki - Reading time: 1 min
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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