Exam 22: Banking System and Electronic Financial Transactions

If a drawer and a payee or holder have accounts at different banks,the payer bank and depository bank are not the same bank.In this case,the check is called a(n)________.

A check that has been outstanding for more than ________ is considered stale.

A stop-payment order can be ordered only by the ________.

What are altered checks? What are the actions that a bank can take when it encounters a case of check alteration?

A ________ relationship is created if the deposit is a check that the bank must collect for the customer or the customer writes a check against his or her account.

The UCC places the risk of loss of an incomplete item on the payee.

The party to whom the check is written is called the payee.

John writes out a check for $100 on his account at the Sacred Heart Bank to repay the $100 he owes Perry.He gives the check to Eliot and tells her to hand it over to Perry.However,Eliot loses the check before she can hand it to Perry.Later,John realizes that he had not written Perry's name on the lost check.According to the provisions of the UCC,the risk of loss of the check should be placed on ________.

Describe commercial wire transfers with an example and mention the laws that govern them.

In banking terminology,a creditor-debtor relationship is created when a customer ________.

A check is finally paid when ________.

Article 4A of the Uniform Commercial Code establishes the ________.

Analyze the effect of the Dodd-Frank Wall Street Reform and Consumer Protection Act on lending regulations.

Explain in brief,the Federal Reserve System and its significance.

A(n)________ check is a type of check for which a bank agrees in advance to accept the check when it is presented for payment.

The ________ is a government agency that insures deposits at most banks and savings institutions in the United States.

Rachel,who owes Sam $500,draws a check payable to Sam on her checking account at City Bank.Rachel signs the check but leaves the amount blank.Sam fraudulently fills in $10,000 and presents the check to City Bank,which pays it.In this case,________.

Which of the following regulatory agencies was set up under the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act?

A check that has been outstanding for over six months is considered ________.

Article 4A of the UCC applies only to consumer electronic funds transfers.