Quote:
To be honest with you, I cannot, nor can anyone at your bank tell you when a transit check clears, the only people that know when a transit check clears is the bank the check is drawn on.
How would you suggest that a bank could have the knowledge of a check "clearing" through another bank?
So basically, if the check does NOT clear, your bank would be notified, but if it DOES clear, you never get any formal "notification"
Okay . . . would it be possible for tellers/bank employees to tell a customer who asks "When will this check clear?" that the only way to verify that a check has cleared is to contact the bank of issue?
This is really the part that messes customers up . . . available, verifed and cleared . . . if we could all work together to let people know who does what and in what time frame each occurs, it would help
correct me if I am wrong, but as I understand it the correct definitions of each term would be . . .
available - customer can use the money, but customer is still liable if check comes back as "bad"; bank of deposit makes the money available in (on average) 24 hours
verified - the check has completed the entire check clearing process and this is when the money is either okay to use, or the check is found to be fake; the bank of issue completes this process.
(cleared and verifed seem to be interchanged a lot)