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.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Monetary System

Section: Chapter Questions

Problem 3PA

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