Most banks that I have seen use the terms synonymously. Either way, the drawee bank has until their midnight deadline to return the item assuming that you are both using the Fed for your clearings. If you both participate in the same correspondent relationship, this have its own set of rules which may result in shared liability
If the check were a legitimate item, but returned as altered, the drawee bank would have up to one year (based on your state's Uniform Commercial Code) to send a without entry claim along with an affidavit of alteration from the check maker to pass liability along to you if the check is truly an alteration..
_________________________
Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!
www.tcaregs.com