TAILIEUCHUNG - Ebook Business law today (9th edition): Part 2

(BQ) Part 2 book "Business law today" has contents: Creditors’ rights and bankruptcy, agency relationships in business, employment discrimination, all forms of partnership, promoting competition, consumer and environmental law,.and other contents. | C h a p t e r 19 “Money is just what we use to keep tally.” Ch e c k s a n d B a n k i n g i n th e D i g i t a l A g e Chapter Outline • Checks • The Bank-Customer After reading this chapter, you should be able to answer the following questions: Honor Checks • Bank’s Duty to Online Banking 1. What type of check does a bank agree in advance to (©Robert Pernell, 2009. Used under license from ) Accept Deposits (American automobile manufacturer) Learning Objectives Relationship • Bank’s Duty to • Electronic Fund Transfers • E-Money and —Henry Ford, 1863–1947 accept when the check is presented for payment? 2. When may a bank properly dishonor a customer’s check without the bank being liable to the customer? 3. What duties does the Uniform Commercial Code impose on a bank’s customers with regard to forged and altered checks? What are the consequences if a customer is negligent in performing those duties? 4. What are the four most common types of electronic fund transfers? 5. What laws apply to e-money transactions and online banking services? Checks are the most common type of negotiable instruments regulated by the Uniform Commercial Code (UCC). Checks are convenient to use because they serve as a substitute for cash. Thus, as Henry Ford said in the chapter-opening quotation, checks help us to “keep tally.” To be sure, most students today tend to use debit cards rather than checks for many retail transactions. Debit cards now account for more retail payments than checks. Nonetheless, commercial checks remain an integral part of the . economic system. Articles 3 and 4 of the UCC govern issues relating to checks. Article 4 of the UCC governs bank deposits and collections as well as bank-customer relationships. Article 4 also regulates the relationships of banks with one another as they process checks for payment, and it establishes a framework for deposit and checking agreements between a bank and its customers. A check therefore

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