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Chapter Quiz
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1
The Electronic Funds Transfer Act will govern "check conversion" transactions.
A)True
B)False
2
Stale checks are void, and banks pay them at their own risk.
A)True
B)False
3
A cashier's check operates like a certified check.
A)True
B)False
4
A bank does not have the right to pay the checks of a deceased customer, even before it has notice of the death.
A)True
B)False
5
Banks are expected to be familiar with the authorized signature of its depositor, and held accountable for cashing checks bearing forged signatures.
A)True
B)False
6
Under modern law, banks do not need to return checks to customers in their monthly or quarterly statements.
A)True
B)False
7
Unless the customer has notified the bank about the forgeries or alterations that he should have discovered by reviewing his bank statement, the customer generally bears responsibility for any subsequent forgeries or alterations by the same wrongdoer.
A)True
B)False
8
Under the Electronic Funds Transfer Act, a customer must provide timely notification of any unauthorized use of his card in order to limit his liability for the unauthorized use of the card.
A)True
B)False
9
"Account aggregation" allows the consumer to view all information from different financial services firms all at once.
A)True
B)False
10
In a "check conversion" the retailer then names itself as the payee of a paper check given to it by the buyer.
A)True
B)False





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