NCP GENERAL Exam Study Guide with Complete Solutions
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Course
NCP
Institution
NCP
NCP GENERAL Exam Study Guide with Complete Solutions
Check payment system - answer️️ -payment system governed by the expedited
funds availability act, uuc3,ucc4, ofac, reg. Cc and reg.j.
Direct presentment
Federal reservse bank
Clearing house
Correspondent bank - answer️️ -name the cl...
1911 - answer✔️✔️-the year the routing number policy was adopted
On us checks
Transit checks - answer✔️✔️-two basic types of checks in the collection cycle
Magnetic ink character recognition - answer✔️✔️-micr
Paying bank (payor's depository financial institution) - answer✔️✔️-financial
institution identified by the routing number encoded on the micr line of a check
Payee (party receiving payment) - answer✔️✔️-the party to whom a check is made
payable
Payor/maker/drawer (party making payment;the writer of a check - answer✔️✔️-the
party obligated to pay on a check.
Bank of first deposit/depositary bank (payee's depository financial institution) -
answer✔️✔️-the first bank to which a check is deposited or transferred.
A check as deinfed with ucc3-104 - answer✔️✔️-a negotiable instrument or an
unconditional promise to pay; a draft payable on demand and drawn on a bank
A check as defined within regulation cc (229.2) - answer✔️✔️-a negotiable demand
draft drawn on or payable through a bank, federal reserve bank,us treasury, state
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