Which of the Following Is Not a True Statement About

question 74

Multiple Choice

Which of the following is not a true statement about automated clearinghouses (ACHs) ?

• A) Automated clearinghouses are responsible for the check clearing process between commercial banks and the Federal Reserve Banks.
• B) Commercial transactions using automated clearinghouses have been growing at close to 17% per year since 1989.
• C) Debits drawn on automated clearinghouses cost less than half that of checks processed through financial institutions.
• D) The ability to reduce transactions costs and create convenience is driving the growth of automated clearinghouses.

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Definitions:

Corporate Power

Refers to the influence and control exerted by large business corporations over economic and political decisions.

Walmart

An American multinational retail corporation operating a chain of hypermarkets, discount department stores, and grocery stores.

Countrywide Financial Corporation

A former American financial services company involved in the subprime mortgage crisis, which played a significant role in the global financial crisis of 2007-2008.

Corporate Capitalism

An economic system characterized by the dominance of hierarchical, profit-seeking corporations.