The Competitive Equality Banking Act

question 3

Multiple Choice

The Competitive Equality Banking Act:

• A) allowed intermediary banks to become clearinghouses.
• B) includes a requirement that collecting banks give provisional credit to its subagents.
• C) has expedited the availability of funds.
• D) None of these.

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Definitions:

Delivery Van

A type of vehicle designed for transporting goods, often used by companies for the delivery of products to customers.

Note Payable

A written promissory note where the borrower agrees to pay back the lender a specified amount of money at a future date or on demand.

Cash

A form of liquid asset that includes currency, coins, and balances in bank accounts, used by businesses to carry out transactions.

Common Stock

Equity ownership in a corporation, with holders usually having voting rights and receiving dividends variable with the company’s profitability.