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True or False Quiz
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1
A collecting bank is any bank handling an item for collection except a payor bank.
A)True
B)False
2
A substitute check is issued by a bank only when requested to do so by a customer.
A)True
B)False
3
Neal wants the bank to return his original canceled checks and may insist upon this right.
A)True
B)False
4
On June 15 Nancy uses an ATM and notices an error on her receipt. Nancy must notify the bank by August 15 to contest the error
A)True
B)False
5
Edwardo cashes his payroll check at his bank which is returned due to insufficient funds. Edwardo's bank may seek a refund of the money from Edwardo.
A)True
B)False
6
On December 15 Tammy takes a check dated the previous February 1 to the bank that the check is written on to cash it. The bank may not refuse to cash the check if there are sufficient funds in the account.
A)True
B)False
7
John who lives in Dallas, Texas, deposits in his checking account a $300 check from his grandmother who lives in Buffalo, New York. John's bank may hold the $300 for five business days.
A)True
B)False
8
A payor bank must settle an item by midnight of the banking day of receipt.
A)True
B)False
9
Juanita receives her bank statement on June 1 and must modify her bank of any forged checks that appear on the statement by June 22.
A)True
B)False
10
The Federal Deposit Insurance Corporation (FDIC) insures customer deposits up to $100,000.
A)True.
B)False.





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