Evaluate

question 66

Essay

Evaluate .

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Definitions:

Bank Error

An error made by a bank in the accounting records or transactions of a customer's account.

EFT

Electronic Funds Transfer, a digital method for transferring funds from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Cash Equivalents

Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.

Bank Overdrafts

Occurs when withdrawals from a bank account exceed the available balance, giving the account a negative balance.