Exam 22: Checks, Deposits, and Financial Institutions

Debit cards are an electronic payment system that authorizes nearly instant payment from the cardholder's checking account.

Another word for a check is a(n)

In United States v. Faiella, the court ruled that Bitcoin

Which Article of the UCC governs the process through which a check is paid and honored is

Commercial wires are governed by

Venmo, a digital wallet app on a person's phone which allows people to share payment with friends is an example of

An unconditional order issued to a bank to pay a fixed amount that is in writing and signed by the party undertaking to pay is a

John used his debit card to purchase gas. John's debit card fell out of his pocket and a scammer immediately picked it up. As soon as the scammer got his information, he started purchasing clothing from an online store totaling over $6000.00 in just a few hours, emptying John's checking account. The next day, John attempted to use his debit card and it was denied. He inquired into it and found out about the scam and immediately notified his bank. Which statement below is correct?

According to the Federal Reserve Bank's Regulations, home much time does a person have to report a lost or stolen debit card to be considered "timely notice?"

Tara receives a check from Shelby and fraudulently changes the amount on the check from $100.00 to $120.00 and deposits the check into her bank, Kania Bank. According to the general rules of the UCC which entity would be liable for fraudulent check?

Gloria purchases the hockey NHL, Stanley Cup game 7 tickets through StubHub to watch the St. Louis Blues win the Stanley Cup using a Paypal account which is an example of a mobile payment app.

Juan writes a check out payable to the order of Mavis from his checking account at Bonus Banks. Mavis cashes the check at her bank, Minus Bank. In this situation, who is the depositor?

Johnna is starting a landscaping business that appeals to young technologically savvy cliental. Johnna is also extremely environmentally conscience and strives to leave as little of a carbon imprint as possible in her business transactions. Therefore, if you were to advise her about options to both appeal to her clients and to achieve her goal, what types of payment options would you suggest she consider in running her business?

A card that allows a cardholder to make purchases through an electronic network on credit terms that have been pre-negotiated with the card issuing bank is a(n)

Valerie works for SWAK Industries. Each week instead of a receiving a hard copy of a check, her pay is deposited directly into her savings account at Moon Bank. This process is called

Twin Bank, located in Missouri, must follow the laws of ________________ when determining who faces liability when a check is forged, stolen or altered.

Missouri Bank, located in St. Louis, Missouri honors a forged check by Wrett Wickline who resides in Montana but was visiting family in St. Louis when he forged the check. According to this fact pattern, which law would the courts use to determine who will assume liability for the forged check?

The process of negotiating a check by signing the check and making it payable to someone else is called

If Reid authorized his bank to make recurring monthly mortgage payments with funds taken from his bank account, the process is called ACH transaction.

A type of software based currency that is created using encryption techniques that is an unregulated currency system is