Business and Personal Finance Dictionary

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 

• CHECK TRUNCATION
  
  A process whereby deposited checks are retained by the fist bank (payee’s bank) with notification sent to the local bank (payor’s bank) that the check has been deposited. Canceled checks are not returned to the maker. Sometimes called check safekeeping.
  
  Back