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Question
Chuck deposits his paycheck drawn on Big Bank at Small Bank and his account is credited with this deposit. Three days later Chuck is notified by Small Bank that his paycheck has been dishonored by Big Bank due to insufficient funds and the amount of the check has been deducted from Chuck's Small Bank account. Which of the following is true of this situation?
A. Any settlement by Small Bank is provisional and may be rescinded if the paycheck is dishonored.
B. Small Bank acted too slowly and did not comply with the prescribed schedule of Regulation CC.
C. Big Bank is the payor bank and hence, must reimburse Small Bank, the depositor bank.
D. Small Bank cannot credit Chuck's account until it is certain that Big Bank will honor the check.
Answer
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