If a depositor in First Bank takes a check written on Valley Bank to First Bank to deposit, it will not normally be credited to his account until collected from the payor bank.
Correct Answer:
Verified
Q2: Collecting banks give to a transferee the
Q11: Point of sale systems permit customers to
Q17: A payor bank is under no obligation
Q18: Alvero tries to make a $75 withdrawal
Q20: Article 4 of the UCC, entitled "Bank
Q21: Sylvia draws a check on ABC Bank
Q23: ABC Bank sent Joanne, a depositor, her
Q24: Doug takes a $500 check drawn by
Q27: An oral stop payment order is binding
Q34: The Check Clearing for the 21st Century
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents