Final answer:
To use a personal check for payment, a customer must present a valid check; the store then processes it through the banking system, ensuring sufficient funds. An overdraft occurs if the customer's account can't cover the check amount. Borrowers can reassure lenders by providing income proof, having a cosigner, or offering collateral.
Step-by-step explanation:
If a customer wants to make a payment using a personal check for goods and services, they should first ensure that the business accepts checks as a form of payment. To do so, the customer must provide a valid check that includes their bank information and a signature. The store processes the check through a banking system which verifies the funds are available in the customer's account. If the funds are sufficient, the money is transferred from the customer's account to the store's account. However, if the account lacks the necessary funds, the check would bounce, resulting in an overdraft for the customer.
An overdraft occurs when a person's bank account balance goes below zero because they have spent more money than they have available. Handling a situation where an employee is suspected of theft, like a cash drawer coming up short, requires open communication and investigation. If the employee has not committed the theft, they should seek evidence such as surveillance footage or transaction records to prove their innocence and work with the employer to identify the true cause of the discrepancy.
When seeking a loan, there are several ways a borrower can assure a bank of their creditworthiness despite imperfect information. They can provide proof of income sources, undergo a credit check to demonstrate a reliable borrowing history, have a cosigner who agrees to take on the debt if the borrower defaults, or offer collateral like property or equipment, which the bank could seize if the borrower doesn’t repay the loan. These approaches provide reassurance to the lender about the borrower's ability to repay the loan.