Creating Multiple Checking Accounts at Multiple Banks for the Purpose

question 35

Short Answer

Creating multiple checking accounts at multiple banks for the purpose of writing fraudulent checks from one account and depositing them in another, and then withdrawing funds from the deposit bank is called _____.

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Definitions:

Disbursements

Payments made by a business, often involving the outflow of cash for expenses or investments.

Weekly Interest Rate

The interest rate applied to a loan or savings, calculated and compounded on a weekly basis.

Average Daily Receipts

The average amount of cash received by a business each day over a specific period, often used to gauge the company's liquidity and cash flow efficiency.

Collection Delay

The time lag between when a company issues an invoice and when it actually receives payment from the customer.