Electronic Funds Transfer Act Essay
- Chose one of the hypothetical/questions/topics to answer utilizing the material from this week (see grading criteria below).
- a) Sarah Smith hired an attorney, David Rite to collect money owed to her on a mortgage. Rite was successful in his attempt to recover the money. He received a check payable to Sarah Smith for $100,000.00, but he forged Sarah’ indorsementand deposited the check c into his own account at Wachovia Bank. He later withdrew the entire amount. Is the bank liable? Why or why not? How could Sarah have protected herself?
b) Take a look at the new banking laws dealing with checks and answer the following: In what is the priority among checks drawn on a particularly account and presented to the drawee bank on a particular day to be paid? In other words-which checks gets paid first if all the checks are presented on the same day for payment? Does the Bank decide? It is in an order that prevents or minimized an overdraft? In the order that the checks are actually dated? The checks from the lowest to the highest amounts to minimize the number of dishonored checks? What other method may be used?
c) Describe electronic fund transfers and the online banking system with respect to the Electronic Fund transfer Ac
This assignment is required and graded – up to 15 points for your original posting with up to 10 points for replies to at least one student for a total of 25 points. See Discussion Board Grading Criteria
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