Depository Transfer Check - DTC
- Depository Transfer Check - DTC
- A check used by a designated collection bank for depositing the daily receipts of a corporation from multiple locations. Depository transfer checks are one method of ensuring better cash management for companies that collect cash at multiple locations.
A third-party information service first transfers data on the day's receipts from the facility manager at each location to a concentration bank. Based on that data, the concentration bank then creates DTCs for each deposit location and enters them into the check-processing system.
A DTC is also known as a "depository transfer draft."
A DTC looks like a personal check, except that "Depository Transfer Check" is written across the top center of the face of the check, and the DTC does not bear a signature.
ACH has gradually dislodged DTC-based systems because it is faster, cheaper and more efficient. Firms that are not part of an ACH network must still use DTCs.
Investment dictionary.
Academic.
2012.
Look at other dictionaries:
Depository transfer check (DTC) — Check made out directly by a local bank to a particular firm or person. The New York Times Financial Glossary … Financial and business terms
depository transfer check — (DTC) An unsigned, nonnegotiable check used to transfer funds from a local collection bank to a concentration bank … Black's law dictionary
depository transfer check — (DTC) An unsigned, nonnegotiable check used to transfer funds from a local collection bank to a concentration bank … Black's law dictionary
depository transfer check — ( DTC) check made out directly by a local bank to a particular firm or person. Bloomberg Financial Dictionary … Financial and business terms
DTC — depository transfer check (DTC) An unsigned, nonnegotiable check used to transfer funds from a local collection bank to a concentration bank … Black's law dictionary
DTC — depository transfer check (DTC) An unsigned, nonnegotiable check used to transfer funds from a local collection bank to a concentration bank … Black's law dictionary
check — verb To control or restrain; to hold within bounds. To verify or audit, as to examine the books and records of another or a business for accuracy and proper accounting practices. Particularly used with reference to the control or supervision of… … Black's law dictionary
check — verb To control or restrain; to hold within bounds. To verify or audit, as to examine the books and records of another or a business for accuracy and proper accounting practices. Particularly used with reference to the control or supervision of… … Black's law dictionary
DTC — Depository Trust Company (DTC) An organization that holds physical certificates for stocks and bonds and issues receipts to owners. Securities held by DTC are immobilized so that they can be traded on a book entry basis. American Banker Glossary… … Financial and business terms
Security (finance) — This article is about the negotiable instrument. For the legal right given to a creditor by a borrower, see Security interest. Securities Securities Bond … Wikipedia
