16-74 Which of the Following Statements Is NOT True

question 46

Multiple Choice

16-74 Which of the following statements is NOT true?

• A)The Federal Reserve operates the Fedwire electronic payments system while CHIPS is a private network.
• B)Fedwire is used to transfer funds from the Fed to the banking system while CHIPS is used to make interbank funds transfers.
• C)The Fed guarantees all payments on Fedwire while CHIPS transfers are provisional until settlement.
• D)Large daylight overdrafts are incurred on both Fedwire and CHIPS.
• E)Neither Fedwire nor CHIPS charges interest or fees for daylight overdrafts.

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