Albert signs a check and leaves the dollar amount for his college aged son, Jared, to fill in an amount not to exceed 1,000. Jared fills in the amount of 4,000 and Albert threatens to sue the bank. What is the likely result?

Albert wins because the bank is insured for mistakes up to 100,000

Albert wins because the customer is always right.

Albert loses if the bank acted without knowledge that the amount was authorized and the bank acted in good faith.