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Can you summarize NERS 8-153?
BANKS AND BANKING > Checks; preprinted information; cleared at par; exception.
Short Summary
This legal document governs the requirements for checks, specifically regarding the preprinted information and the clearing process. All checks, except those sent to banks as special collection items, must have the magnetically encoded routing and transit symbol of the bank and either the name of the maker or the magnetically encoded account number of the maker. Checks drawn on any bank, except for special collection items or checks presented in person by the payee, must be cleared at par by the bank on which they are drawn. The term ‘at par’ refers to the settlement of checks between collecting and paying or remitting banks. However, banks are allowed to deduct a fee from the face amount of the check if it is presented by the payee in person. There are no mentioned penalties in this document.
Whom does it apply to?
Banks, makers of checks, payees
What does it govern?
Checks, preprinted information, clearing of checks
What are exemptions?
Checks sent to banks as special collection items, checks presented for payment by the payee in person
What are the Penalties?
No penalties mentioned.
Jurisdiction
Nebraska