Payment systems

Payment systems

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Based on the checka#39;s routing number, it was sent by PNB to a New York Fed processing center in Utica, New York, for forwarding to Albany State. Albany State received ... Until the checks were paid by the former banks, Hutton received payment for use of the funds by both banks at once. The longer the time required to process the check, the greater the aquot;doubleaquot; payments Hutton received. This was whereanbsp;...

Title:Payment systems
Author: Richard E. Speidel, Robert S. Summers, James J. White
Publisher:West Group - 1993-08

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