Mary Lou writes a check for $50 to her grandson Justin as a birthday present. Instead of immediately cashing the check, Justin puts the check in a drawer and forgets about it. Eight months later, Justin discovers the check still sitting in his drawer and takes it to the bank. The bank takes the check and gives Justin $50. When Mary Lou gets her bank statement, she sees that $50 has been taken out of her account to cover the check. Mary Lou calls the bank to complain, stating that the check was so old it should not have been cashed and demanding that they debit her account $50. Because the bank has already paid the check: the bank was justified in debiting Mary Lou's account for the $50, even though the check was more than six months old. they will have to suffer the $50 loss, because a check that is more than six months old cannot be cashed. the bank was justified in debiting Mary Lou's account for the $50, because a check is not stale until it is more than one year old. the bank will have to suffer the $50 loss, because a check that is more than three months old cannot be cashed. Alicia and Alice go to Nail Emporium and get manicures. Alice is low on funds, so Alicia pays for both manicures with her debit card. Alicia then loans Alice her debit card so Alice can get her hair done later that day. When Alicia's bank statement comes in, Alicia discovers $750 in unauthorized purchases that Alice had made. Alicia notifies the bank immediately of the unauthorized purchases. Alicia will be responsible for paying: only $500. only $50. none of the unauthorized purchases. the entire $750 in unauthorized purchases. Althea writes a check to Handy Dan's Home Repair for $59.75 to cover the cost of having a window repaired in her home and gives the check to Dan, the owner of Handy Dan's Home Repair. Dan alters the check by changing the amount to $559.75. Dan then takes the check to Home Federal Savings and Loan, the bank on which the check is drawn, and cashes the check. This, of course, results in an extra $500 being withdrawn from Althea's account. Home Federal Savings and Loan will be responsible for: issuing a stop payment order on the check. debiting Althea's account $559.75, the entire amount of the check. debiting Althea's account for nothing. Because the check was altered, Althea is not entitled to any reimbursement. debiting Althea's account $500. Susan receives a check for $5,000 from Liberty Mutual Insurance Company to cover storm damage to her home. Susan deposits the check in her local bank, Tipton County Savings and Loan. The check from Liberty Mutual is drawn on a different bank, First South Bank. Both Tipton County Savings and Loan and First South Bank are located in the same town. Susan is concerned about how long it will be before the funds are available, because she is anxious to begin repairs on her home. Tipton County Savings and Loan must make the funds available to Susan: within ten business days of the date of deposit. as soon as the bank receives the funds. not more than five business days of the date of deposit. within one business day of the date of deposit. Candice never looks at her bank statements; she just throws them in a drawer, because she knows she has plenty of money in the bank to cover any checks she writes. One day, Candice receives a notice that she has bounced a check. Candice talks to the bank representative, and together, they discover that for the past seven months, someone has been forging checks on Candice's account. All together, the checks total $4,273. In the last month alone, there were three forged checks totaling $1,000. Because Candice has now reported these unauthorized checks to the bank, the bank will be responsible for reimbursing Candice: nothing. $1,000.00. $50. $4,273.00. Mary Lou writes a check for $50 to her grandson Justin as a birthday present. Instead of immediately cashing the check, Justin puts the check in a drawer and forgets about it. Eight months later, Justin discovers the check still sitting in his drawer and takes it to the bank. The bank takes the check and gives Justin $50. When Mary Lou gets her bank statement, she sees that $50 has been taken out of her account to cover the check. Mary Lou calls the bank to complain, stating that the check was so old it should not have been cashed and demanding that they debit her account $50. Because the bank has already paid the check: the bank was justified in debiting Mary Lou's account for the $50, even though the check was more than six months old. they will have to suffer the $50 loss, because a check that is more than six months old cannot be cashed. the bank was justified in debiting Mary Lou's account for the $50, because a check is not stale until it is more than one year old. the bank will have to suffer the $50 loss, because a check that is more than three months old cannot be cashed. Alicia and Alice go to Nail Emporium and get manicures. Alice is low on funds, so Alicia pays for both manicures with her debit card. Alicia then loans Alice her debit card so Alice can get her hair done later that day. When Alicia's bank statement comes in, Alicia discovers $750 in unauthorized purchases that Alice had made. Alicia notifies the bank immediately of the unauthorized purchases. Alicia will be responsible for paying: only $500. only $50. none of the unauthorized purchases. the entire $750 in unauthorized purchases. Althea writes a check to Handy Dan's Home Repair for $59.75 to cover the cost of having a window repaired in her home and gives the check to Dan, the owner of Handy Dan's Home Repair. Dan alters the check by changing the amount to $559.75. Dan then takes the check to Home Federal Savings and Loan, the bank on which the check is drawn, and cashes the check. This, of course, results in an extra $500 being withdrawn from Althea's account. Home Federal Savings and Loan will be responsible for: issuing a stop payment order on the check. debiting Althea's account $559.75, the entire amount of the check. debiting Althea's account for nothing. Because the check was altered, Althea is not entitled to any reimbursement. debiting Althea's account $500. Susan receives a check for $5,000 from Liberty Mutual Insurance Company to cover storm damage to her home. Susan deposits the check in her local bank, Tipton County Savings and Loan. The check from Liberty Mutual is drawn on a different bank, First South Bank. Both Tipton County Savings and Loan and First South Bank are located in the same town. Susan is concerned about how long it will be before the funds are available, because she is anxious to begin repairs on her home. Tipton County Savings and Loan must make the funds available to Susan: within ten business days of the date of deposit. as soon as the bank receives the funds. not more than five business days of the date of deposit. within one business day of the date of deposit. Candice never looks at her bank statements; she just throws them in a drawer, because she knows she has plenty of money in the bank to cover any checks she writes. One day, Candice receives a notice that she has bounced a check. Candice talks to the bank representative, and together, they discover that for the past seven months, someone has been forging checks on Candice's account. All together, the checks total $4,273. In the last month alone, there were three forged checks totaling $1,000. Because Candice has now reported these unauthorized checks to the bank, the bank will be responsible for reimbursing Candice: nothing. $1,000.00. $50. $4,273.00