If a Customer Does Not Discover a Forged Check and Report

question 50

True/False

If a customer does not discover a forged check and report it to the bank within one year from the time of the statement containing the check,the bank is not obligated to recredit his account for the amount of the forged check.

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Definitions:

Elite Theory

A theory in sociology and political science arguing that a small minority of the population, the elite, holds the most power and that this power is independent of democratic elections.

Socioeconomic Groups

Categories of people sharing similar levels of wealth, education, and occupational prestige, influencing their lifestyles, behaviors, and opportunities.

Public Employee Unions

Labor organizations representing the interests of workers employed by government agencies, focusing on negotiation of wages, benefits, and working conditions.

Wages and Pensions

Wages and pensions are forms of compensation; wages are paid for employment, while pensions are long-term payments made after retirement as financial security.