Why are there laws to place such long holds on checks(10days)? Can’t the receiving bank simply call the bank where the check originates from and velidate it themselves?
In: 5
Many good answers here- I would add that stolen checks are also a thing.
What few people know is that you can take any check to the bank it was drawn on and get cash immediately. You can deposit the cash.
A check is literally an instruction to the bank to pay you money.
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