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Question
Which of the following is true of check collection?
A. Checks and other drafts collected through the banking system usually have two partiesthe drawer and the drawee bank.
B. If the payee deposits the check at a bank other than the drawee bank, the latter will take a series of steps necessary to reflect the deposit as a credit to the payee's account.
C. If the payee deposits the check at the same bank as the drawee bank, the depositary bank will make the ledger entry showing the deposit as a credit to the payee's account.
D. If the drawee and depositary banks are in the same town or county, the depositary bank will indorse the check and deliver it to the drawee bank for payment.
Answer
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