Homework Help is Here – Start Your Trial Now!
Business
Economics
True-False Questions 1. If a bank pays a stale check in good faith without consulting the customer, the bank cannot charge the customer's account. 2. If a bank receives an item payable from a customer's account in which there are insufficient funds, the bank cannot pay the item. 3. A bank in the collection chain must normally pass a check on before midnight of the next banking day following receipt. 000,22 sesso 05 4. The rights and duties of a bank and its customers are partly contractual. 5. All funds deposited in all bank accounts must be available for withdrawal no later than the next business day. 6. A forged drawer's signature on a check is as effective as the signature of the person whose name is signed 7. If a bank fails to honor a customer's stop-payment order, it may be liable to the customer for more than amount of the loss suffered by the drawer because of the wrongful payment.

True-False Questions 1. If a bank pays a stale check in good faith without consulting the customer, the bank cannot charge the customer's account. 2. If a bank receives an item payable from a customer's account in which there are insufficient funds, the bank cannot pay the item. 3. A bank in the collection chain must normally pass a check on before midnight of the next banking day following receipt. 000,22 sesso 05 4. The rights and duties of a bank and its customers are partly contractual. 5. All funds deposited in all bank accounts must be available for withdrawal no later than the next business day. 6. A forged drawer's signature on a check is as effective as the signature of the person whose name is signed 7. If a bank fails to honor a customer's stop-payment order, it may be liable to the customer for more than amount of the loss suffered by the drawer because of the wrongful payment.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
True-False Questions 1. If a bank pays a stale check in good faith without consulting the customer, the bank cannot charge the customer's account. 2. If a bank receives an item payable from a customer's account in which there are insufficient funds, the bank cannot pay the item. 3. A bank in the collection chain must normally pass a check on before midnight of the next banking day following receipt. 4. The rights and duties of a bank and its customers are partly contractual. 5. All funds deposited in all bank accounts must be available for withdrawal no later than the next business day. 6. A forged drawer's signature on a check is as effective as the signature of the person whose name is signed. 7. If a bank fails to honor a customer's stop-payment order, it may be liable to the customer for more than t amount of the loss suffered by the drawer because of the wrongful payment.
Transcribed Image Text:True-False Questions 1. If a bank pays a stale check in good faith without consulting the customer, the bank cannot charge the customer's account. 2. If a bank receives an item payable from a customer's account in which there are insufficient funds, the bank cannot pay the item. 3. A bank in the collection chain must normally pass a check on before midnight of the next banking day following receipt. 4. The rights and duties of a bank and its customers are partly contractual. 5. All funds deposited in all bank accounts must be available for withdrawal no later than the next business day. 6. A forged drawer's signature on a check is as effective as the signature of the person whose name is signed. 7. If a bank fails to honor a customer's stop-payment order, it may be liable to the customer for more than t amount of the loss suffered by the drawer because of the wrongful payment.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Money
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS