Final answer:
The standard absolute time limit for alerting a bank about a forged or altered check is typically one year according to the Uniform Commercial Code, but it's subject to the specifics of the bank-customer agreement and governing laws.
Step-by-step explanation:
The absolute time limit for notifying a bank of a forged or altered check is one year from the time the depositor receives the bank statement. It's important to note that this time frame can vary based on the agreements between the bank and the customer, as well as applicable state and federal laws. However, in general, under the Uniform Commercial Code (UCC), which provides a standardized set of rules governing commercial transactions in the United States, customers typically have up to one year to report a forged or altered check. If such an incident is not reported within this timeframe, the bank may not be liable for the forged or altered check.