Jack's employer electronically deposits his pay every Friday into his checking account. One Thursday, his funds are running low in his checking account, but knowing that he will be paid the next day, he tries to pay with his debit card for groceries that exceed the amount in his account. What most likely is the outcome of this situation?
A) Debit card transaction are posted within 24 hour after the transaction, and therefore it should be processed with no problem.
B) As long as the funds customarily go into his account on Fridays, even though it would exceed the funds in his account on Thursday, bank traditionally offer a 12 hour grace period.
C) Debit Card transactions occur instantaneously to a checking account and therefore payment would be declined.
D) Jack would be held criminally liable for conversion.
Correct Answer:
Verified
Q14: Another word for a check is a(n)
A)
Q15: Chuck is walking down the street and
Q16: Diane wants to purchase some flowers from
Q17: Fred gets paid by check on a
Q18: Which Article of the UCC governs the
Q20: A card that allows a cardholder to
Q21: Wendel has a Mastercard from Countrybank. He
Q22: Credit cards a largely governed by
A) The
Q23: Valerie works for SWAK Industries. Each week
Q24: SOS Construction is currently building many new
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