Elementary Banking

Cover Elementary Banking
Elementary Banking
Oliver Howard Wolfe
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In small banks it is not unusual to see a brass sign dis- played at the receiving teller's window, reading "pay notes here. " Although they are not required to do so by law, all banks send notices to the makers of notes or the drawees of drafts that they hold the note or draft awaiting payment, and some one of the tellers or clerks is assigned the duty of receiving payment. As the bank grows, a separate de- partment is organized for this purpose and a note teller is appointed. He is usually in
...charge of the messengers or runners. Instead of sending out notices, the bank may render its customers better service by having its messengers present the items for payment at the place of business of 54 ELEMENTARY BANKING the payer. The messengers also present checks for pay- ment at banks not represented in the clearing house, col- lect coupons and return unpaid checks to depositors. It is necessary that they should exercise great care in all these transactions, since, for the time being, they are the accredited representatives of the bank and the bank is bound by their actions.

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