The Federal Reserve Check Collection System

The Federal Reserve Check Collection System

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 edition. Excerpt: ...having been settled, the clerks now proceed on the work of their assigned divisions. Each division takes the checks from the distributing rack, where they were placed after the batch sheets had been settled, and sorts them into its own racks. The rack--sometimes called a bin--contains a compartment for every bank in the respective division to which checks are sent for collection. To verify the sorting, the clerk takes the checks out of the first compartment, examines them to see whether they all bear the name of the bank designated on the compartment in the rack from which he took them, then puts them back and repeats the operation for every pigeon hole or compartment in the rack. It is necessary to do this because an experienced transit clerk learns to know the position of each bank's compartment in the rack and in sorting, which is done very rapidly, he may have inadvertently put a check in the wrong compartment. This verification will disclose the error which is, of course, immediately corrected. Preparing the Outgoing Letters.--The contents of each compartment or pigeon hole is now ready to be made up on an outgoing letter. These letters consist of a printed form made in duplicate, the second sheet of which is blank, but being attached to the first by a perforated edge. Previously, carbons have been inserted and sheets run through an addressograph so that there will appear under the printed head "Federal Reserve Bank of Philadelphia," the name of a particular bank (which will also appear on the carbon). These blank letters are arranged to follow the order of the rack, so they will come to hand as the process of listing progresses. The checks in the rack are now taken out and listed on the letter. The listing consists of listing the...show more

Product details

  • Paperback | 26 pages
  • 189 x 246 x 1mm | 68g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236608798
  • 9781236608796