Banks Prefer That Customers Use an Electronic Funds Transfer System

question 244

Multiple Choice

Banks prefer that customers use an electronic funds transfer system rather than traditional methods of payment because

• A) traditional payments are subject to regulation by the Fed and electronic transactions are not.
• B) electronic funds are subject to a smaller reserve requirement than traditional funds.
• C) electronic funds transfer is more efficient and less expensive for banks than traditional check-based payments.
• D) the bank generates advertising revenue from its website.

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Definitions:

Title Insurance Company

A company that provides insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.

Paralegal

A legal professional who assists attorneys in the delivery of legal services, performing tasks such as research and document preparation.

Buyer's Attorney

A lawyer specialized in representing the interests of a buyer in transactions, focusing on ensuring the legal soundness and fairness of purchase agreements.

Closing

In a letter, an ending word or phrase placed above the signature, such as “Sincerely” or “Very truly yours.”