Paul has an account at ICBC Bank. He does not track his chequing account balance in a cheque register. Yesterday evening, he placed two cheques in the mail, for $156.66 and $238.94. Paul accesses his account online and finds that his balance is $568.40 and that all of the cheques he has written except for the two mailed yesterday have cleared. Based on his balance, Paul writes a cheque for a new stereo for $241. He has no intention of making a deposit in the near future. What are the consequences of his actions?