- A substitute check must: (1) contain an image of the front and back of the original check; (2) bear a MICR line containing all the information of the original MICR line; (3) conform to industry standards for substitute checks; and (4) be suitable for automated processing just like the original check.
Next, Can you deposit a substitute check chase? A substitute check is a copy of a check that is the legal equivalent of the original check. You may receive a substitute check, such as when a check you deposited is returned unpaid. If you deposit a substitute check and we suffer a loss, cost or expense as a result, you will have to pay us that amount.
What is a substitute check and your rights?
What is a substitute check? To make check processing faster, federal law permits banks to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check.
in the same way, WHO issues a substitute check? Substitute checks are copies of checks used by banks in lieu of the original. This practice was made legal by the Check Clearing for the 21st Century Act in 2003, better known as the Check 21 Act.
What is a substitute check reversal? Reversal of Refund Within one business day after we reverse a refund, we will send you the original check or a better copy of the original check than the one you previously received, explain to you why the substitute check was correctly charged to your account, and tell you the amount and date of the reversal.
When must a financial institution provide a substitute check disclosure?
A bank must provide the disclosure to a consumer customer who receives paid checks (which could include paid original checks and/or paid substitute checks) with his or her periodic account statement (1) no later than the bank’s first statement cycle after October 28, 2004, for each consumer who is a customer of the …
What is one of the features of a substitute check as a returned item?
A substitute check is a paper reproduction of an original paper check that must (1) contain an image of the front and back of the original check, (2) bear a Magnetic Ink Character Recognition (MICR) line containing all the information from the original check MICR line, except as provided in industry standards to …
What are my rights regarding substitute checks?
The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” Some or all of the checks that you receive back from us may be substitute checks. You may use a substitute check as proof of payment just like the original check.
What is a substitute check Huntington?
You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check. Some or all of the checks you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us.
