Under the Competitive Equality Banking Act,a Nonlocal Check Must Clear

question 68

True/False

Under the Competitive Equality Banking Act,a nonlocal check must clear in no more than four intervening business days.

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Definitions:

Surety

A person or entity that takes responsibility for another's performance of an undertaking, such as fulfilling a contract.

Debt

An obligation to repay borrowed money or goods at a later date, often involving interest fees.

Payment

The transfer of money, goods, or services from one party to another as fulfillment of an obligation or settlement of a debt.

Subrogation

The legal process by which an insurance company, after paying a loss to its insured, acquires the insured's rights to pursue any third party responsible for the loss.