Time Deposits Provide Customers with Instant Access to Cash

question 60

True/False

Time deposits provide customers with instant access to cash.

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Definitions:

Collateral

Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to repay according to the agreement.

Procure Proceeds

The act of obtaining money or benefits as a result of conducting some activity, often related to business transactions.

Principal Revokes

The act of a principal canceling or withdrawing the authority previously granted to an agent, effectively terminating the agent's ability to act on behalf of the principal.

Obligation Tenders

Offers made to fulfill a duty or promise, particularly in a legal or financial context, such as repaying a debt.