Assume that you are an Accountant for Rebook, your client. They have called you because 100 separate checks of $10,000.00 each, have been denied by the Bank costing them over $1,000.000.00. Your client wants you to look into this matter, but before they do, they want you to answer these questions for them in a one-page paper so they can get a sense of how the situation may evolve:

(a) Can Rebook get their money back if the deposit was the Bank’s mistake? Can they get their money back if it was Reebook’s depositing mistake? How much can they get back?

(b) Would the question above change if the Bank informs Rebook that 50 of the 100 checks were issued more than 6 months from the date it was deposited? How much would Rebook be able to deposit?

(c) Would the question above change if the Bank informs Rebook that these 100 separate checks were placed in stop payment order by the clients? What should Rebook do next?

(d) What would be Rebook’s responsibility to the Bank in ensuring that the deposit is correct/proper, in the future?

Answer rating: 100% (QA)

a If the deposit was the Banks mistake Rebook can get their money back in f... View the full answer