Collection: Depositary and Collecting Banks
Learn about the rules governing depositary and collecting banks.
Transcript
Depositary banks, which are the first banks to take an item for collection, and collecting banks, which are banks that participate in the collection process but aren’t the payor bank, play a vital role in the banking system. Article 4, Part 2 sets forth various rules governing these banks’ rights and duties. In this lesson, we’ll highlight several of these rules. For a more detailed discussion of these rules and others, please refer to Quimbee’s comprehensive payment systems outline.
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