Question: When a bank receives a check for collection, it must act A. when it receives written notice from the depositary bank to proceed B. Immediately

When a bank receives a check for collection, it must act

A. when it receives written notice from the depositary bank to proceed

B. Immediately

C. Before the midnight deadline following the receipt of the check

D. within 120 days of the receipt of the check

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

What category of audit report does each scenario fall into? The company is in the airline leasing business. During the year, they changed the 1. 2 depreciation method for the planes, which had a...

Q:

(2pts) 8) Commercial paper developed from the all of the following needs EXCEPT: O to move freely and efficiently in financial transactions O to act as a substitute to money O eliminate the need for...

Q:

bank. The 11. The bank by which an item is payable as drawn or accepted is the first bank that an item is transferred to for collection is the bank a payor collecting b. payor depositary Occollecting...

Q:

Heartland State Bank routed eight checks to a collections bank, Federal Reserve. Federal Reserve then delivered the checks and additional cash letters to the defendant bank, American Bank & Trust, on...

Q:

4) Parktown Realty Inc developed an upscale condominium complex. On October 1, Miranda Wine signed an offer to purchase one of the units. Part of that document said, "This offer is irrevocable by the...

Q:

FAA APARTMENT LEASE CONTRACT NAA NATIONAL APARTMENT ASSOCIATION Date of Lease Contract: (when the Lease Contract is filled out) This is a binding document. Read carefully before signing. Moving In -...

Q:

2. Sherri is about to purchase a house. The ESCROW company will not accept a personal check for the closing costs; therefore, Sherri will give her bank the required funds, and her bank will write a...

Q:

In a check collection process that involves multiple banks, which bank is the first to receive a check? the depositary bank the payor bank the Federal Reserve Bank the collecting bank Assessment...

Q:

Upon receipt of a check for collection, how soon must a bank process the check: Within 120 days of the receipt of the check. Ooo When it receives written notice from the depositary bank to proceed....

Q:

1. In a check collection process that involves multiple banks, which bank is the first to receive a check? the collecting bank the payor bank the Federal Reserve Bank the depositary bank 2. Which of...

Q:

It is becoming widely expected that interest rates will rise in the coming year. In recent weeks the 10 year US bond has risen from about 1.50% to 1.80%. Using the appendix for chapter 2 on Webster...

Q:

How would each of the factors in the following table affect a firm?s cost of debt, r d (1 ? T); its cost of equity, r s ; and its weighted average cost of capital, WACC? Indicate by a plus (+), a...

Q:

3- Is the Average starting salary rate upon graduation X1 is related to the acceptance rate at the Universities X2? Data concerning a sample of 38 full-time MBA programs offered by private...

Q:

E9.1 (LO 1, 2) (Acquisition Costs of Realty) The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business. The receipts are enclosed in...

Q:

When older adults have difficulty with transportation and communication, or may be reluctant to request needed assistance to which they are entitled, they may be in need of: Group of answer choices...