Asked by I'marii Willss on May 12, 2024
Verified
The depositary bank is sometimes the same as the collecting bank.
Collecting Bank
Any bank, with the exception of the payor bank, that handles a check during the check collection process.
Depositary Bank
The first bank that receives a check for payment.
- Identify and differentiate the roles and responsibilities of banks in the check collection process.
Verified Answer
SG
Samantha GiordanoMay 15, 2024
Final Answer :
True
Explanation :
The depositary bank, where a check is first deposited, can also act as the collecting bank, which processes the check for payment, depending on the banking arrangements and the check's path through the banking system.
Learning Objectives
- Identify and differentiate the roles and responsibilities of banks in the check collection process.