For example, a check drawn on Bank of America, presented for deposit at Wells Fargo Bank, would be considered a transit item by Wells Fargo, while the same item presented for cash or deposit at Bank of America would be an on-us check.
For instance, a check drawn on Bank of America, submitted for deposit at Wells Fargo Bank, would be classified as a transit item by Wells Fargo, whereas the same item presented for cash or deposit at Bank of America would be an in-house check.