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What do the acronyms CAR and LAR mean?

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Question: 
What do the acronyms CAR and LAR mean?
Answer: 

CAR and LAR may have several different meanings depending on your bank. Certainly many compliance officers would think of Loan Application Register as the first thing that pops to mind when hearing the acronym "LAR". But in the context of being used together, CAR and LAR probably stand for Character (or Courtesy) Amount Recognition and Legal Amount Recognition - two components being packaged together by Remote Deposit Capture vendors within their packages to capture and reconcile discrepancies between the written amount of the check and the numeric amount of the check.

First published on BankersOnline.com 1/15/07

First published on 01/15/2007

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Filed under compliance as: 

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