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Lecture Dynamic business law (3/e) - Chapter 29: Checks and electronic fund transfers

After reading this chapter, you will be able to answer the following questions: What are the components of a check? What are the differences among the various types of checks? How and where are deposits accepted? When may a bank charge a customer’s account? What are the different types of electronic fund transfers? | Chapter 29 Checks and Electronic Fund Transfers Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 29: Checks and Electronic Fund Transfers 29- Terminology Regarding Check Transactions Draft: Order instrument; one party orders second party to pay money to party listed on instrument Drawer: Party who gives order to pay draft Drawee: Party that must obey drawer’s order to pay draft Payee: Party who receives benefit of drawer’s order; party who receives money from draft Check: Special draft that orders drawee (typically a bank) to pay fixed amount of money on demand In terms of check transactions, a “draft” is an order instrument where one party orders a second party to pay money to a party listed on the instrument. A “drawer” is a party who gives an order to pay a draft. A “drawee” is a party that must obey the drawer’s order to pay a draft. A “payee” is a party who receives the benefit of the drawer’s order, in receiving money from the draft. A “check” is a special draft that orders a drawee (typically a bank) to pay a fixed amount of money on demand. 29- Terminology Regarding Check Transactions (Continued) Cashier’s Check: check in which both drawer and drawee are same bank Teller’s Check: Check drawn by one bank and usually drawn on another bank Traveler’s Check: Instrument payable on demand, drawn on/through a bank, designated as a “traveler’s check”, and requires countersignature by person whose signature appears on instrument Money Order: Instrument stating that certain amount of money is to be paid to a particular person (usually in same form as personal check) Certified Check: Check accepted at bank at which it is drawn A “cashier’s check” is a check in which both the drawer and the drawee are the same bank. A “teller’s check” is a check drawn by one bank and usually drawn on another bank. A “traveler’s check” is an instrument . | Chapter 29 Checks and Electronic Fund Transfers Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 29: Checks and Electronic Fund Transfers 29- Terminology Regarding Check Transactions Draft: Order instrument; one party orders second party to pay money to party listed on instrument Drawer: Party who gives order to pay draft Drawee: Party that must obey drawer’s order to pay draft Payee: Party who receives benefit of drawer’s order; party who receives money from draft Check: Special draft that orders drawee (typically a bank) to pay fixed amount of money on demand In terms of check transactions, a “draft” is an order instrument where one party orders a second party to pay money to a party listed on the instrument. A “drawer” is a party who gives an order to pay a draft. A “drawee” is a party that must obey the drawer’s order to pay a draft. A “payee” is a party who