Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
LAW 332 CHAPTER-28 “ Electronic fund transfer”
•
Check: special type of draft that is drawn on a bank ordering the bank to pay a fixed amount of
money on demand
...
•
Types of Checks:
Cashier’s check
Certified check
Traveler’s check
State Check
The bank both serves as drawer and drawee to specific payee
...
Bank writes or stamps word certified on the face of check and bank
officer’s signature
...
Bank charges the drawer’s account when it is certified, and will pay
it when check is shown
...
•
Bank-costumer relationship
...
- Agency: customer writes check or deposits check, bank becomes customer agent to
honor the request
...
•
The bank’s duty to honor the check : Rules
Bank is not liable when the check is dishonors properly because of insufficient fund or other
reasons
...
Overdrafts: bank has 2 option when account has insufficient fund
...
Overdraft protection is important ask from your bank to avoid any penalty or fee
...
Stale: bank does not have right to pay stale check
...
3
...
Customer cannot order to stop payment on check that already drawn or certified
...
•
•
- Written order: valid for 6months , after the date u can renew it
...
Incompetence or death of customer: It does not automatically stop bank from payimg
accepting
...
If no one takes action to
death, money goes to fed
...
- Incompetence: if court finds you incompetent, u have 10days and you need guardian
and trustee
...
Forgery: simply bank suffers the whole loss if customer is negligent
...
Collection process: Bank can play more than one role in collecting process
- Payor: drawee bank, the bank which check is drawn
...
- Collecting: Any bank except payor bank that handles the collecting process
- Intermediary bank: helper in between banks, any bank except payor or the depositary
bank to which an item is transferred in the course of this collection process
...
- Only consumer fund transfers are governed by the EFT act
- But Commercial fund transfers are government by Article 4, UCC
Common types of EFT
-
ATM:
DEBITS CARDS: POINTS OF SALE
Direct deposits, and withdrawals
...
Lost/stolen:
...
Otherwise customer will have to pay up to $500
Customer is liable for more than $500 if she/ he fails to notify within 60days
if customer voluntarily gives her card, and the person uses it improperly, protections do
not apply
...
-
60days to gripe, 10days to report
Bank has 10days to find out, and report it in writing
If it take more than 10days, bank returns the money to account until they find out
If bank fails to find the mistake after 55 days, they triple the amount
Banks has to follow proper procedure under EFT act