Asked by Michelle Kuruc on May 22, 2024
Verified
Is the bank required to stop payment on the internet order for the expensive watch?
A) Yes, a customer may stop a preauthorized payment.
B) Yes, so long as Ariel notifies the bank at least three days before the payment is scheduled.
C) Yes, as long as she does not receive the watch.
D) No, while a customer may stop a preauthorized payment, a customer cannot order a stop payment on an EFT because such transfers occur instantaneously.
E) No, a customer may not stop a preauthorized payment.
EFT
Electronic Funds Transfer, a system of transferring money from one bank account directly to another without any paper money changing hands.
Preauthorized Payment
A prearranged payment that allows a payee to automatically withdraw funds from a payer's account as per the agreed terms, usually on a recurring basis.
Stop Payment
An instruction to a bank by an account holder not to pay or honor a check that has been issued from their account.
- Analyze the duties and privileges associated with unauthorized electronic payment transactions.
Verified Answer
Learning Objectives
- Analyze the duties and privileges associated with unauthorized electronic payment transactions.
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