Collecting Bank

Collecting Bank

A bank that assists in obtaining payment in accordance with draft payment terms.
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The utility was charging the bank collection charges from the consumer despite the fact that State Bank of Pakistan (SBP) had restricted all the banks from collecting bank charges from consumers of public utilities.
This removed the one day float gain for paying banks-since it took one day for the collecting bank to actually collect the checks-and also eliminated the one day float expense for the bank collecting the deposited checks.
Have a great collecting Bank Holiday and bring fine cameras in to us to sell for you.
CTS is an online image-based cheque clearing system, wherein, the collecting bank branch would deploy scanned images along with the magnetic ink character of the cheque, which will be sent out electronically using their "capture system".
Collecting bank notes and coins has become a hobby for Kenyan expatriate James Mwai, because she realised how the currencies from different countries are unique.
All cheques are sent to the HDFC, the collecting bank.
Electronic presentments (checks received by paying banks) have lagged electronic deposits (checks deposited by collecting banks) because they require more changes to banks' operations than the latter and because of paying banks' ongoing incentives to delay the release of funds to the collecting bank.
If a collecting bank misses the presentment deadline but continues to submit the settlement entry, then the paying bank may refuse payment and ask for submission to the next settlement window.
Bills of exchange can work well in particular markets or with additional controls for example, where the collecting bank only hands over documents of title against payment.
On day one a cheque paid into a bank (or one of their agencies) anywhere in Britain during the course of a day's business will normally be processed by the collecting bank that evening.
Under an ordinance adopted in 2000, the prefectural government was to begin collecting bank taxes for the five-year period from fiscal 2001 to March 31.

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