DEFINITION of 'Missent Item'

Quite simply, a check written by a bank customer that is not sent to the right bank. This is typically due to a clerical error by an employee of the bank or depository institution. Missent items result in a delay of payment from the sending bank to the receiving bank.

BREAKING DOWN 'Missent Item'

Missent items can also result in inconvenience to the customer from the delay in posting to the account. Customers who think that their check has cleared may make other purchases in the account, which can result in overdrawal. Therefore every effort is made to prevent this type of error from occurring.

RELATED TERMS
  1. Negative Float

    The period of time between when a bank customer writes a check ...
  2. Regional Check Processing Center ...

    A local Federal Reserve facility where checks that are drawn ...
  3. Open Banking

    Open Banking is a system that provides a user with a network ...
  4. Error Of Principle

    An accounting mistake in which an entry is recorded in the incorrect ...
  5. Checking Account

    A checking account is a deposit account at a financial institution ...
  6. Business Banking

    A company's financial dealings with an institution that provides ...
Related Articles
  1. Insights

    What Do the Federal Reserve Banks Do?

    These 12 regional banks are involved with four general tasks: formulate monetary policy, supervise financial institutions, facilitate government policy and provide payment services.
  2. Personal Finance

    Retail Banking Vs. Corporate Banking

    Retail banking is the visible face of banking to the general public. Corporate banking, also known as business banking, refers to the aspect of banking that deals with corporate customers.
  3. Personal Finance

    Banking Has Changed: What Does It Mean For Consumers?

    Banks have long been leading spenders on technological innovations. Learn the key changes in the banking industry and what institution is right for you.
  4. Insights

    The World's Top 10 Banks

    Learn more about the world's largest banks and how more financial power shifts eastward as China is home to four of the world's largest banks.
  5. Tech

    The Pros And Cons Of Internet Banks

    Learn how internet banking services stack up against those of their brick-and-mortar peers.
  6. Investing

    What's a Correspondent Bank?

    A correspondent bank is a bank that acts on behalf of another bank, usually a foreign bank.
  7. Personal Finance

    What is Fractional Reserve Banking?

    Fractional reserve banking is the banking system most countries use today.
  8. Investing

    What is a Bank?

    A bank is a financial institution licensed to receive deposits or issue new securities to the public.
RELATED FAQS
  1. What are the differences between preference shares and bonds?

    Learn what information banks keep on file for their customers, and understand how this information can be used to deny an ... Read Answer >>
  2. What is the difference between an investment and a retail bank?

    Learn the primary differences between retail banks and investment banks by examining the business activities, type of clients ... Read Answer >>
  3. What is the average profit margin for a company in the banking sector?

    Learn what the average profit margin is for companies in the banking sector, along with other evaluation metrics often used ... Read Answer >>
  4. How does investment banking differ from commercial banking?

    Discover how investment banking differs from commercial banking, the responsibilities of each and how the two can be combined ... Read Answer >>
  5. How do Interest Rate Changes Affect the Profitability of the Banking Sector?

    When interest rates rise, the banking sector profits. Read Answer >>
  6. What factors are the primary drivers of banks' share prices?

    Find out which factors are most important when determining the share price of banks and other lending institutions in the ... Read Answer >>
Trading Center