A Forged Endorsement Must Be Reported Within One Year of the Time

question 38

True/False

A forged endorsement must be reported within one year of the time that the bank statement is received.

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Definitions:

Payments

Transactions made by a borrower to a lender to repay a loan or to a seller for goods or services.

Compounded Monthly

Describes the frequency at which interest is calculated and added to the principal balance of an investment or loan each month.

Equal Payments

Regularly scheduled payments that are the same in amount over the term of the loan or investment.

Loan

A loan is a sum of money borrowed that is expected to be paid back with interest.