High-Tech Subject Matter with Acronyms and Abbreviations Often Allowed

question 16

Multiple Choice

High-tech subject matter with acronyms and abbreviations often allowed.

• A) Letters
• B) Memos

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Definitions:

Oral Stop Payment Order

A verbal instruction given to a bank requesting that payment on a check or other financial instrument be stopped.

Clearinghouse

An intermediary agency or institution that facilitates the exchange and settlement of financial transactions among different entities.

Payor Banking Group

A consortium or group of banks that manages the payment and settlement of transactions for clients.

Written Stop Payment Order

A formal request made to a bank by an account holder instructing the bank not to pay a specific check or payment.