A Simple Explanation of Modern Banking Customs
"[...]other depositors. And he only received about fifty cents on the dollar when the bank's affairs were finally wound up. All because he did not insist on the purchaser of the land having his own check certified. If he had done this he could have held both the purchaser and the bank. By having your check certified, you practically exchange your check for one guaranteed by the bank. For example, the bank certifies your check for $100.00. It immediately charges your account with the $100.00, and credits its "certified check account" with $100.00. Then when your certified check comes back to the bank, through the person to whom you delivered it, the bank charges its "certified check account" with $100.00, and the transaction is closed. Therefore, if, for any reason, you decide not to use a check after you have[...]."
- Paperback | 40 pages
- 152.4 x 228.6 x 2.54mm | 108.86g
- 09 Mar 2015
- Illustrations, black and white