Description
This course covers Regulation CC Subpart C, which sets forth rules concerning collection and return of check including the requirement that checks be returned in an “expeditious manner.” It also describes the responsibilities of banks as a depositary bank, a paying bank and a returning bank, including paying bank notification of nonpayment of large-dollar returns, check indorsement standards and more.
What You’ll Learn
After completing this course, students will be able to:
- Explain the various responsibilities of banks in the check-collection chain for returning checks
- Describe the warranties, indemnities, and potential liabilities for banks based on their role in the check-collection process
