Exam 41: Checks and Electronic Fund Transfers

The customer may give an oral stop-payment order to the bank, but it is valid for only fourteen (14) days unless the customer confirms it in writing during that time.

If a drawer is negligent and contributes to the forgery or alteration of a check, the _____.

The time requirements for notice of postdated checks are similar to those required for:

Revised Article 3 of the Uniform Commercial Code recognizes the modern bank practice of retaining checks, and permits the bank to supply only a statement showing the item number, amount, and date of payment.

What are the different electronic funds transfer systems utilized by consumers?

Which of the following statements is true of wire transfers?

Article 2 of the Uniform Commercial Code (UCC) governs bank deposits and collections.

When a bank receives a properly drawn and payable check and there are sufficient funds to cover the check, if the bank wrongfully dishonors the check, the bank _____.

Which of the following statements is true of an oral stop-payment order given by the customer?

When the depositor deposits a check to a checking account, the bank becomes his agent for collection of the check.

A check on which a bank is both the drawer and the drawee is known as a certified check.

A check that bears a forged signature of the drawer or payee is nevertheless properly payable from the customer's account.

Which of the following best describes a stale check?

If a bank pays a check after it has received a stop-payment order and has to reimburse its customer for the improperly paid check, it acquires all the rights of its customer against the person to whom it originally made payment, except for rights arising from the transaction on which the check was based.

Under the Electronic Fund Transfer Act (EFTA), the operators of electronic fund transfer (EFT) systems are given a maximum of thirty (30) calendar days to investigate errors or provisionally recredit the customer's account.

Which of the following is true of the Check 21 Act?

According to the revised Article 4 of the Uniform Commercial Code, which of the following statements is true of a postdated check?

The bank's signature is not required to create a certified check.

Shankar purchased a new car from Friendly Fred's Autos. Fred indorsed the check to Maya for value. Maya presented the check to the bank, and the bank cashed the check. Later, Shankar attempted to place a stop-payment order on the check, because the car he purchased from Fred was defective. Under these circumstances, _____.

If a drawee bank certifies a check, who among the following is discharged of their liability on the check?