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A National system of payment
A National system of payment cont.
Check Payment and Processing
Check Payment and Processing cont.
100
Where was the Expedited Funds Availability Act passed? A.2006 B.1990 C.1987 D.1988
C. 1987
100
What does the UCC stand for?
Uniform Commercial Code
100
If you were to write a check for your electric bill, your bank would be the drawee. True or False?
True
100
Your drawer is the party that would be receiving the money from your check. True or False?
False.
200
What did the Federal Reserve Act of 1913 establish?
It established the structure of our banking system and the fundamental relationship between the federal reserve and banks.
200
Name all that can be used as a proof of payment. A. Paper check B. Substitute check C. Digital Image check D. All of the above
D. All of the above
200
If the drawer and payee of check have the same bank, that bank handles the processing in-house. True or False?
True.
200
How much of your check does the Federal Reserve Clear? A. 1/2 B. 1/5 C. 2/3 D. 1/3
D. 1/3
300
The electronic fund transfer is A. a billing party B. method of payment C. the need for processing paper check
B. method of payment
300
What did the Check 21 eliminate? A. need for processing of paper checks B. paper checks C. eliminating 21 checks
A. need for processing of paper checks
300
What are the three types of float?
Malfunction, transportation, and holdover
300
What is a transit number?
a 9-digit number that identifies the bank that holds the checking account and is responsible for payment.
400
What did the Uniform Commercial Code of 1958 establish? A. a uniform commercial code B. a consistent code for commercial law of transaction C. a method of payment
B. a consistent code for commercial law of transaction
400
Why was the EFAA passed? A. to eliminate the need for the processing of checks B. to establish the structure of the banking system C. to combat an abuse of the check payment system
C. to combat an abuse of the check payment system
400
What is a postdated check?
A postdated check is a check that is dated later than the date on which it’s actually written .
400
What is a returned check?
a check written on an account that doesn’t have adequate funds to cover it and which is unpaid to the person who deposited.
500
What did the UCC largely eliminate? A. the wide variation of legal regulation B. the wide variation of illegal regulation C. the need for processing paper checks
A. the wide variation of legal regulation
500
What does the Electronic Check Conversion do? Pick the best answer. A. Creates a wide variation of legal regulation that could hamper the national payments system B. It allows a billing party to use information on a check to initiate an electronic fund transfer from your account C. It converts your electronic check into a paper check D. All of the above.
B. It allows a billing party to use information on a check to initiate an electronic fund transfer from your account