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:

Equilibrium Price

The financial value where the availability of goods equals consumer demand.

Demand Falls

Demand falls occur when there is a decrease in the quantity of a good or service demanded at any given price, often due to changes in consumer preferences, income, or price increases.

Supply Stays

A term that is not typically used in economic contexts; thus, it might not be a real key-term. NO.

Price Ceiling

A legally established maximum price a seller can charge for a product or service to prevent market prices from rising too high.