Gulf Bank receives a check drawn by Hayley. The check is received after the established "cutoff" hour. Payment can be postponed without dishonor

Question

Gulf Bank receives a check drawn by Hayley. The check is received after the established "cutoff" hour. Payment can be postponed without dishonor​

Quizplus · Accepted Answer

According to the scenario, Gulf Bank can postpone payment without dishonor until the following business day since the check was received after the established "cutoff" hour. This is a common practice in the banking industry, known as the "banker's day rule," where transactions received after the cutoff hour are processed on the following business day.

Gulf Bank Receives a Check Drawn by Hayley