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Time Requirement for Paying Check Vs Draft
by Randy Carey, BOL Guru
Guru Bio
Question: Are there any differences in the time requirement of a check versus a payable through draft when making a decision between paying or not paying an item?
Answer: No, they are both governed generally under the midnight deadline.
Sec. 229.34 Warranties.
(a) Warranties. Each paying bank or returning bank that transfers a returned check and receives a settlement or other consideration for it warrants to the transferee returning bank, to any subsequent returning bank, to the depositary bank, and to the owner of the check, that--
(1) The paying bank, or in the case of a check payable by a bank and payable through another bank, the bank by which the check is payable, returned the check within its deadline under the U.C.C., Regulation J (12 CFR part 210), or Sec. 229.30(c) of this part.
First published on BankersOnline.com 3/31/08
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