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Drawee Bank
A bank upon which a check or draft is drawn and is responsible for paying the amount to the individual or entity presenting it for payment.
Agent
A person authorized to act on behalf of another, known as the principal, in business transactions or other matters.
Stop Payment Order
A request made to a financial institution to cancel or halt the processing of a check or payment transaction.
Competitive Equality Banking Act
A U.S. law aimed at promoting competition among banks and equalizing regulatory standards across different types of banking institutions.
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