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Show ONE MINUTE TALKS ONJfflNG Dinning on Uncollected Funds Where checks and draffs drawn on out-of-town banks are deposited, the bank receiving thera does not come into possession of the actual funds until several days later. Losing sight of this fact, some depositors draw against these uncollected funds with out waiting until the time required to make collections has elapsed. In such instances, it is necessary to return re-turn their checks unpaid with the notation no-tation that they have been drawn against uncollected funds. In order to ascertain who'll cheeks and drafts drawn on out-of-tQwn banks have been collected, the depositor should estimate the time it takes the mail to go and return from the point drawn upon, plus two days - to absorb the necessary delays at both ends. After this time has elapsed, and if they have not been advised to the contrary by their bank, it is reasonable to assume as-sume that it is safe to issue checks against, such deposits. To save the depositor any unnecessary unneces-sary embarrassment as a result of drawing .upon uncollected funds, I suggest that where the money is desired de-sired at the earliest possible moment, the customer arrange with his bank to have payment telegraphed by the bank upon which the Items ' are I drawn, thus saving whatever time is required to have advice sent through In the regular way by mail. ' |