Requests for day loans are mostly received at ten o'clock, the hour of opening the exchanges, but the certification department would not be likely to be informed of the transaction until a filled-out form comes to it from the loan department. This form would show the amount to be loaned and the signature of the broker and would be the authority of the certification department for certifying. The certification department should examine this day-loan ticket carefully as to the correctness of the borrower's signature, the amount of each loan being entered on the certifica tion sheets in the same manner as are balances received from the bookkeepers.
Certified Checks and Bookkeeper's Department There are cases where a check is presented for certification drawn by a person who has no funds credited to him on the certi fication sheets, or where the entered amount is either entirely exhausted or insufficient. Before refusing to certify such a check, the certification department should make inquiry of the receiving teller and other departments whether they have received any credits payable to the drawer. If the department is unable to locate any credits, the customer is advised of the fact and re quested to make a deposit immediately.
During the day's business many drafts on the bank drawn abroad may be presented for certification. The certification department sends these immediately to the foreign bookkeeper's department, and if that department finds the drafts in order, they are initialed by the department head and returned to the certification department for certification in the regular way. But if the drafts are not found in order, the foreign bookkeepers return them to the certification department with a memorandum at tached, giving in brief the reason or reasons for non-payment, such reasons being "No advice received to pay this draft—kindly present again on arrival of next steamer," or "This draft is drawn for account of one of our European correspondents, and is to be paid only upon receipt of their advice, which has not yet come to hand—please present again on arrival of next mail," or "This draft has been issued in original and duplicate—if both the original and duplicate are presented together, we will honor them—otherwise the draft must be presented for payment at some other place."
The certification stamp commonly used reads as follows: " Certified, payable only through the . . . . Clearing House," date, serial number, and possibly the name of the certifying bank. Making the check payable only through the clearing house is held not to destroy its negotiability and is intended to keep it from being considered as cash; but if it is presented at the window it is likely that the bank will pay it there. After checks have been certified they are handed back to messengers, for delivery to their respective offices. In the course of the payees' business the checks are deposited in banks from which they pass through the clearing house.
As soon as the check is certified and entered on the certifica tion sheets, it is virtually charged to the drawer's account; the sheet may not be sent to the bookkeepers immediately, but if the balance is small, notice that the check has been certified should be sent to them at once. At the close of the day the sheets are used by the bookkeepers for posting the certifications into their Certi fied Checks account and the customers' accounts. From these sheets the certification department also prepares its proof sheet for the general bookkeepers, itemizing the certifications for the day.