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Check Collection
The process by which banks handle the clearing of checks, ensuring the transfer of funds from the check writer's account to the recipient's account.
Banking System
The network of institutions, laws, regulations, and practices that deliver financial services including deposit, loan, and payment services.
Drawer
The party that writes and signs a cheque, instructing a bank to pay a specific amount of money to the bearer or a named party.
Drawee Bank
The financial institution upon which a check is drawn and is responsible for paying the amount indicated when properly presented.
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