Banking & Finance Law Guide, Resources & information
Banks in general terms known as financial institutions. In addition to "banks" (in the legal sense) people use it to mean a "trust company", a "savings bank", a "savings and loan", a "credit union", a "thrift", a "thrift and loan" and some other specialized types of financial institutions.
Banks and bank accounts are controlled and goverened by both state and federal statutory law. Bank accounts may be constituted by national and state chartered banks and savings associations. All are accounts are controlled by the law under which they were established.
The operation of checking accounts is governed by state law appended by some federal law.which has been adopted at least in part in every states, "defines rights between parties with respect to bank deposits and collections." First bank to accept the check (depository bank) and other banks that handle the check but are not responsible for its final payment (collecting banks).Bank that is responsible for the payment of the check (payor bank),its the relationship between a payor bank and its customers. These are checks or other types of drafts that will only be honored if certain papers are first presented to the payor of the draft.
If a check passes extensively the availability of funds in a depositor's account and the process involving checks dishonored due to non-payment.limits the time that a depository bank can delay before making the amount of a deposited check available for withdrawal.
Checks are negotiable instruments,"Negotiable instrument". A "negotiable instrument" means a promissory note, bill of exchange or cheque payable either to order or to bearer.which deal also with funds transfers, letters of credit, and securities.
Know your rights and exercise them for a safe, better future.