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Figure 6<br />
Towards the right of the dorsal side of the check is where the<br />
payee or recipient of the amount on the check may sign for encashment<br />
purposes and also indicate his or her deposit account number in case<br />
the check is being deposited to his or her account.<br />
The “space for the bank guarantee stamp” is used by the bank<br />
accepting the check to show that according to their review, the check<br />
complies as a negotiable check in its present form. The accepting<br />
bank, however, does not make any guarantees on whether the check<br />
is backed by sufficient deposits, which is the substance of the check.<br />
In case a check is re-deposited after being declared drawn<br />
against insufficient funds (DAIF) or drawn against uncleared deposits<br />
(DAUD), the accepting bank will set its stamp of check negotiability<br />
in the area marked “space for 2nd presentment stamp.” Checks may<br />
be re-deposited only once. Checks issued from closed accounts as<br />
well as those where a “stop payment” order was issued by the payor<br />
cannot be re-deposited.<br />
“OK, mga Anak, it’s getting late. Time to go to bed,” says Aling<br />
Lorna.<br />
44 Depositing Your Money