Business bank deposits
Posted on 2016-09-28
Do banks initially give businesses that manually deposits large volumes of checks credit for the deposit amount(s) claimed on the deposit ticket(s) or do they count (manually or through a check scanner) the items first and then give credit based upon the count.
In other words, let's say a bag full of many checks is deposited with a deposit total of $1 million claimed on the bag and deposit slips but the bag only contains $999K. Do the banks first credit the account for $1 million and then adjust it for the $1 thousand shortage? Or do they wait until the $999K is counted and then give credit for that amount with no adjustment recorded and no reference made to the amount claimed by the customer?