Sweep Accounts Which Were Created to Avoid Reserve Requirements Became

question 90

Multiple Choice

Sweep accounts which were created to avoid reserve requirements became possible because of a change in

• A)deposit ceilings.
• B)technology.
• C)government rules.
• D)bank mergers.

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Definitions:

Merchant

An individual or entity engaging in the selling of goods or services professionally or commercially.

UCC

Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the law.

Legal Sufficiency

The measure of whether a legal document or action meets the minimum requirements of the law to be enforceable.

Bilateral Contract

An agreement where each of the two parties makes a promise or set of promises to the other, creating mutual obligations.