but what does the bank do with that paycheck? do they throw it away? do they store it? or maybe they do something that I am absolutely not aware of. what do the do with it?
Both my banks scan the checks. The original check is in storage . I know for a fact, one bank keeps them in the basement because I had to call to see who endorsed a check when the person who I wrote the check said they did NOT receive it. I had to speak to the head bookkeeper & she said she would call me back because she had to go down to the basement to find it & it may take a few minutes...
Certain banks act as what are called clearinghouses. When you cash your check, the bank credits your account and sends the check to a clearinghouse. The clearinghouse sorts all the checks and sends themon to the bank that the check was issued against (the bank that holds the account of the person who wrote the check). That bank then debits the account of the person that wrote the check. This all used to be done by hands, but now it is done electronically.
ever pay chk i have wriiten is returned to me for my records,
A Paycheck is traditionally a paper document issued an employer to pay an employee for services rendered.
But recent times physical paycheck increasingly by electronic direct deposit to bank. Check any attached at the time amount is cannot receivable.
