[net.misc] What does "PAY ANY BANK P.E.G." mean?

jrc@ritcv.UUCP (James R Carbin) (10/25/83)

> I notice the phrase "PAY ANY BANK P.E.G." stamped on cancelled checks.
> What does the P.E.G. mean?

Unless things have changed since I once worked in that kind of environment, it
means,  "PRIOR ENDORSEMENT(S) GUARANTEED."  Without this, a bank might be 
reluctant to accept a check for payment.  Note that it does not remove the
possibility of the ultimate payor bank to deny payment upon receipt of the
check at the home bank.  Then the check will work it way backwards along the
chain of "guaranteed" bank endoresements until one of the banks is found to 
have honored the check inappropriately (usually, but not always the first
bank.)  This could happen becuase of fraudulent I.D. presented, etc.

as ever,

j.r.