Fastfood, InC. , a nationwide restaurant chain, opened an account at First National Bank last year. Fastfood is making daily deposits in amounts of $15,000 to $20,000. First National needs to determine if this company is an exempt person. What should the bank do first?
- Because the restaurant is an established depositor, the bank should provide an unlimited exemption for cash deposits and withdrawals.
- The bank should look in the newspaper or on the Internet to determine if Fastfood, Inc's, stock appears on one of the listed exchanges.
- The bank should ask the company if it qualifies as a listed business.
- The bank should perform a corporate records check to determine if the company is chartered in the United States.
Reveal Solution
Next Question