How and when do banks process the checks you cash?
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The best explanation can be found here, on YouTube. This is a limited perspective and explains the processing in one bank. However, it doesn't take into account a check going from one state to another or electronic processing under Check 21. It will give you a feel for what happens in one bank, and the volume of checks that are processed. While electronic transactions are overtaking checks, the volume of checks is still great.
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The best explanation can be found 