Which one of the following statements is correct?
A. Funds received via automated clearinghouse transfers are available that day.
B. A depository transfer check is the most costly means of transferring funds into a cash concentration account.
C. The means selected to transfer funds into a concentration account depends primarily upon the size of the transfers.
D. Concentration accounts are used to transfer funds to lockbox locations as needed.
E. The most expedient means of transferring funds into a concentration account is a wire transfer.
Electronic fund transfers and payments
Electronic fund transfers are effected through a computer based system without the direct intervention of any banking staff. This way funds are transferred quickly in contrast to manual transfers.
Answer and Explanation:
Wire transfer is a fast method of electronic transfer of funds via one person to another. A concentration account is used for banks's internal...
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fromChapter 12 / Lesson 8