Asked by Rachael Petersen on Jul 02, 2024
Verified
A bank is not authorized to pay a postdated check before the date on the check and charge the amount to the customer's account,unless the customer has given notice to the bank.
Postdated Check
A check written with a date in the future, preventing it from being cashed or deposited until that date.
Authorized
Having been officially approved or given permission by a relevant authority.
Customer's Account
An account held by a brokerage or financial institution on behalf of a client, for the purpose of trading or managing securities and other financial assets.
- Attain understanding of the juridical relationship and commitments between a bank and a depositor, including necessary legislation.
Verified Answer
OA
Onome Agbongiague7 days ago
Final Answer :
False
Explanation :
An otherwise properly payable postdated check that is presented for payment before the date on the check may be paid and charged to the customer's account unless the customer has given notice of it to the bank.
Learning Objectives
- Attain understanding of the juridical relationship and commitments between a bank and a depositor, including necessary legislation.
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