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Payor Bank
The bank upon which a check is drawn and that is responsible for paying the amount specified on the check to the payee.
Collected
Refers to the process of gathering or accumulating items, information, or funds.
Electronic Funds Transfers
The transfer of money between accounts by electronic means rather than the use of cash or paper documents.
Float Time
The period between when a check is deposited into a bank account and the time the funds are available for use.
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