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United Cash Checking, formerly known as First National Bank of Utah, is a Utah-based checking bank that offers its services to all residents of Utah who are at least 18 years old. The name "United Cash" was selected as a brand name to distinguish it from other Utah checking accounts. In accordance with the state's banking code, all Utah residents must have an account in a bank named by the state as a depository of financial institutions. Such an account is called as a "depository" because it is expected and stipulated that the bank will hold funds deposited by Utah residents for the benefit of the state's residents. Such an account can either be a "drawing" or "receiving" account. If the drawer holds a Utah debit card and/or a Utah debit visa card, such a card is required for operation of all transactions made by such individual.
A Utah debit card and/or visa card serve as a form of identification, allowing individuals to make purchases without leaving their homes or vehicles. Cashing a check is a relatively recent development. Prior to the proliferation of electronic checks, individuals had to physically present their checkbook or other documentary evidence of payment to a bank in order to cash a check. This would often require the attendance at some bank offices. With electronic checks, all an individual has to do to cash a check is visit an authorized site on the Internet, complete a transaction, and print out a receipt (often noted as a "UV-10. ").
With electronic check cashing, a person does not need to leave his home nor does he or she need to physically present his/her checkbook or any other type of documentary evidence of payment. If a customer wishes to cash a check online, he or she can do so. He or she simply needs a computer and an Internet connection. It is necessary for a customer to register with United Cash checking before he or she can start cashing online. Once registered, customers can use their debit or credit cards to purchase items or make payments.
Deeds and loan payments are held in the account of United Cash. Payments are debited from this account when bills and loans are paid off. Payments are also debited from this account when they are cashed because of late payments. Customers do not have to wait for money to be deposited in their accounts before they are allowed to cash checks.
Customers do not have to send legal notices, post notices, nor do they have to send reports to anyone. Deeds and loans are held in the United States Treasury accounts. Payments on dues are collected in the same manner that legal obligations are collected. Payments for check cashing services are transferred to appropriate banking accounts as specified by the customer. Money from the United States treasury accounts is transferred to bearer bonds and returned when the bearer bond is repaid.
The United States Department of Justice will implement new guidelines for United Cash Check Cashing beginning February 2020. It will impose stiff penalties for banks that do not comply with the new regulations. In addition, all checks shall be subject to mandatory photo identification. Dicuses or other documents that certify identity shall be required for certain electronic check cashing transactions.