BUS2 531 Lecture Notes - Lecture 20: Academy Of Social Sciences, Payment, Cheque
Document Summary
Rules of the payment association apply to members of the payment associations. Rules of the automated clearing and settlement system (acss) retail. Has rights under the cheque as the holder of the instrument, can sue the drawer of the cheque if the cheque is not paid upon presentation. Bills of exchange act, so banks just receive bundles of cheques, feed them into machines to sort them and deliver them: then decide if they pay this cheque. Check the signature if the amount is big: if payment is accepted, it"ll show up on the banking statement, if the cheque is returned, it"s just like introducing a cheque into the system. All the banks, on the day where the instruments are introduced, enter the numbers into the system. When cheques are returned clearing: the calculation of the aggregate amount that each bank owes the other bank and the globality of that amount.