Business law essay
1. Lorraine paid for her shipment using a certified check. The difference between a regular check and a certified check is as follows: a regular check is a guarantee from the check writer that there are enough funds in the account to cover the check. On the other hand, a certified check is a promise from the bank that there are enough funds to cover the check. Most banks take the money directly out of the customer’s account in order to issue a cashier’s check, therefore, the First National Bank of Detroit is responsible, bank failure or not, to make good on Lorraine’s cashier’s check.
2. Sandra waited six days from the day that she lost her card to report it to the bank. Sandra was irresponsible in two ways: first, she lost her ATM card; second, she waited too long to report it. The law states that if the ATM card is reported lost or stolen within two days, the cardholder is responsible for up to $50 is illegal charges. If the cardholder waits more than two days, she is responsible for up to $500 in illegal charges; therefore, the bank was correct in only paying $300.
3. There are several
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