Memorandum check. When a bank sends through the clearing house a check payable by
another bank and it is rejected by that bank because there are no funds on deposit with which to
meet it or for some other reason the second bank returns it by messenger to the first bank. The
first bank having been credited with it and the second bank having been debited with it at the
clearing house the first bank must pay the amount of it to the second bank. It accordingly delivers
the amount of it in money to the second bank's messenger if the check is small; if the amount is
large it issues to the second bank a memorandum check which the second bank sends through
the clearing house the next day for collection.