Nolan receives his bank statement from his bank on January 5th and notices a check that was cashed from his account for $350. The check was not authorized and Nolan does not let the bank know right away because he leaving that day to go on vacation. Nolan forgets about the unauthorized payment until March 10th. At this point, with regards to the check,

Question

Quizplus · Accepted Answer

Nolan cannot hold the bank liable for the check because he failed to report the unauthorized transaction in a timely manner. Banks typically require customers to report unauthorized transactions within a specific timeframe (often 30 to 60 days from the statement date) to be eligible for reimbursement. Since Nolan waited over two months to report the issue, he has likely missed the window to hold the bank responsible.

Nolan Receives His Bank Statement from His Bank on January