Which of the Following Statements Is True of Wire Transfers

question 26

Multiple Choice

Which of the following statements is true of wire transfers?

• A) Article 4A of the UCC, which covers wire transfers, includes consumer payments that are covered by the Electronic Funds Transfer Act (EFTA).
• B) International wire transfer systems are known as "Fedwire."
• C) The Federal Reserve operates a domestic wire transfer system that can be made through New York Clearinghouse Payments System (CHIPS).
• D) Electronic funds transfers between business and financial institutions are generally referred to as wholesale wire transfers.

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