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Explain what will happen to the size of both M1 and M2 in each of the following situations:
(a) Jane, a millionaire, withdraws $500,000 from her money market account to buy a famous painting.
(b) Paul transfers $10,000 from his NOW account to his savings account.
(c) Sarah takes $5,000 out of her checking account to buy IBM stock.
Electronic Funds Transfer (EFT)
The electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems.
Proximately Caused
The action that directly leads to a specific effect or outcome, establishing a clear causal link in legal responsibility.
ATM
An Automated Teller Machine that allows bank customers to perform financial transactions, such as withdrawals and deposits, electronically without a human teller.
Payor Bank
The bank that is responsible for paying the check or draft as specified by the person making the payment.
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