On-us check
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An on-us check is a negotiable item (check) which is drawn on the same bank that it is presented to for payment.[1][2] For example, a check drawn on Bank of America, presented for deposit at another branch of Bank of America, would be considered an on-us check. The same item presented for deposit at Wells Fargo Bank would be considered a transit 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". Investopedia. Retrieved 26 March 2020.
- ↑ Lawrence, Lary (2004-01-01). Payment Systems. Wolters Kluwer. p. 165. ISBN 978-0-7355-4626-4.
