Author Description

Provides in-depth coverage of the nature and evolution of modern payment instruments. Introduces the institutional framework of the modern payment system, including a glossary and framework of analysis, money and cash as payment, the business and legal background of checks, the development of the checking system, and the law governing checks. Covers the demise of interest rate restrictions, social equity, and the cost of accounts, including lifeline controversy; collection process for checks, payor, intermediary, returning bank, and the depository bank; loss allocation, the purpose of loss allocation rules, credit losses, error, fraud and forgery, credit car pricing, and electronic fund transfers.