Examlex
Regarding the time value of money,which of the following statements is incorrect?
Payment Order
A written instruction to a bank or financial institution authorizing the transfer of a specific amount of money from one account to another.
Receiving Bank
A bank that receives transferred funds in a transaction, often in the context of wire transfers or other electronic payments.
Electronic Funds Transfer Act
A U.S. law that protects consumers engaging in electronic transfers, including ATM withdrawals, direct deposits, and transfers initiated through debit card transactions.
Regulatory Statute
Laws designed to govern and regulate specific activities or sectors, aiming to maintain public welfare, safety, and standards.
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