The Check 21 Act,effective in October 2004,does Which of the Following

question 19

Multiple Choice

The Check 21 Act,effective in October 2004,does which of the following?

• A)Allows bank customers to better take advantage of bank float
• B)Requires banks to immediately clear all customer deposits
• C)Prohibits the Fed from being involved in check clearing to prevent unfair competition with private check clearing agencies
• D)Authorizes the use of an electronic image to facilitate paperless check clearing
• E)Eliminates all fees on checking

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Definitions:

Gut Wall

The lining of the gastrointestinal tract, characterized by layers of tissue that facilitate digestion and absorption of nutrients.

Flame Cells

Collecting cells that have cilia; part of the osmoregulatory system of flatworms.

Protonephridia

Protonephridia are excretory structures found in some invertebrates, functioning in osmoregulation and waste removal.

Tubules

Small tube-like structures in organisms, often found in organs such as kidneys, where they play a role in the transport and processing of bodily fluids.