Banking Principles and Practice; The Foreign Division (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 Excerpt: ...the item with the number on the bill register book, also the amount and the correspondent's name, and the acknowledgment is stamped with the date. The client is advised of all bills on which advice of acceptance is received from the correspondent or branch, and on this advice are entered the bank's collection number, the client's collection number, the amount of the item, the correspondent's name, where drawn, and the date of acceptance. In the bill register are entered the date of acceptance, the date of the bank's advice to the client, and the date of the advice received from the correspondent. The tickler clerk keeps a diary, in which entries are made as of the approximate date when each transaction should be attended to. When that day arrives, the bill register is examined to see whether the item has been paid or returned unpaid, or accepted or returned without acceptance, etc. If it has been duly executed, the item is crossed off the diary; but if no notation is found, the debit ticket in the files is examined to see whether any instructions have been given by the client to allow an extension of time, or whether any advice or refusal to pay or accept has been received from the correspondent. If instructions are found to extend the time, say, 30 days, it is so extended on the diary. If no advice has been received, a tracer is sent to the correspondent and an advice to the client that no advice has been received and that a tracer is being sent. VOL. V II Payment of the Collection When payment advices are received from the correspondent or branch, the payment clerks extract the proper debit and credit tickets from the files and proceed to the proper distribution of the funds. If the payments, according to the advice, are in dollars, the bank charges the a...