The Check Collection Process - Module 3 of 6
The entity upon which a check is drawn (and hosts the account of the drawer) is typically called the
A check presented for payment drawn on an account with funds insufficient to pay the check
Which person would most likely be liable for a check forgery?
A post-dated check’s future date
Under Regulation CC, a bank must receive a dishonored and returned local check
What must a payor bank do by the midnight deadline?
Leslie writes a check payable to Kyle for the purchase of a used car, which turns out to be defective. She requests that the bank not pay her check. The bank pays the check anyway. Leslie will have a claim against her bank if she
Jonah buys a couch from Stephanie’s Furniture Store for $800. He writes a check payable to her store and Stephanie attempts to cash the check at her local bank. Jonah’s bank claims there are insufficient funds in Jonah’s account so it dishonors the check; however, the funds in Jonah’s account were sufficient to cover the check Stephanie posts Jonah’s check on a bulletin board in her store for everyone visiting her store to see. Jonah wants to bring a claim against the bank for defamation of his reputation. He will
Encoding and processing checks electronically in place of paper-based processing is called check