Asked by Joseph Bartmann on Jun 03, 2024
Verified
If a bank receives a check on Tuesday, it must take proper action, such as forwarding or presenting it, by midnight of Wednesday.
Midnight Deadline
A term indicating a deadline that occurs at 12:00 AM or the end of a particular day.
- Acquire knowledge about the sequences and deadlines for the collection of checks and how they influence the financial accounts of depositors.
Verified Answer
PK
Philicia KabiaJun 08, 2024
Final Answer :
True
Explanation :
According to the Uniform Commercial Code (UCC), banks are generally required to take action on a check - such as forwarding it for payment or returning it if it cannot be paid - by midnight of the next business day after the day they receive the check.
Learning Objectives
- Acquire knowledge about the sequences and deadlines for the collection of checks and how they influence the financial accounts of depositors.