Banks That Do Not Exchange Checks Electronically Are Required to Accept

question 16

True/False

Banks that do not exchange checks electronically are required to accept substitute checks in the same way that they accept the original checks.

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Definitions:

Existing Business

A company or enterprise that has been operative for a period of time and has a track record of financial and operational history.

Existing Business

Refers to a business that has already been set up and is currently in operation.

Goodwill

An intangible asset representing the value of a company's brand, customer relations, employee morale, and other factors not directly measurable but that contribute to earnings.

Purchase Price

The amount of money paid to acquire a product or service.