ACHeck21 Verification. Verifies that the routing and account number found on a check is not currently listed on one of several national “negative” data bases. A negative data base is used to allow financial institutions, originators and third party processors to report routing and account numbers that have failed to clear checks submitted due to insufficient funds or other allowed reasons.
Appears in 5 contracts
Samples: Merchant Processing Agreement, Merchant Processing Agreement, Merchant Agreement
