Process of Posting

The process of posting means the usual procedure followed by a payor bank in determining to pay an item and in recording the payment including one or more of the following or other steps as determined by the bank:

(a)verification of any signature; COL120106 DIV. 4 BANK DEPOSITS AND COLLECTIONS

(b)ascertaining that sufficient funds are available; \

(c)affixing a paid or other stamp;

(d)entering a charge or entry to a customer's account;

(e)correcting or reversing an entry or erroneous action with respect to the item. ---------CHAPTER 2 COLLECTION OF ITEMS: DEPOSITARY AND COLLECTING BANKS