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Check Collection
The process where banks handle checks from the moment they are deposited until the funds are credited to the depositor's account and debited from the check writer's account.
Payment
The act of giving money or other compensation to settle a debt or obligation.
Certified Checks
Checks guaranteed by a bank, verifying that the signer has enough funds in their account to cover the amount specified on the check.
Dishonored
In financial terms, a dishonored instrument (like a check) refers to one that cannot be processed because the payor's account lacks sufficient funds or is closed.
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