All categories

3 years ago

True or False: Banks are required to make electronically deposited funds available on the same day of the deposit

Business

2 answers:

Law Incorporation [45]3 years ago

6 0

The given statement is false.

Further Explanation:

Remote deposit:

Remote deposit is a type of payment process where the payment is processed without sending the paper check to the bank or the financial institution. The check is scanned, and the scanned image is transferred electronically. The image has all the information regarding the check, such as amount, party, date. Businesses use the remote deposit for the payment of the wages and salaries that are very large in volume.

Comment whether the given statement is true or false:

The given statement is false.

The electronically deposited funds are not mandatorily available on the same day of the deposit. Each bank has its own payment and receipt gateway. So, it depends on the gateway, how much it takes to deposited money to be available. In exceptional condition, due to the technical error, the bank may take several days to show the balance in the account. Therefore, the banks are not required to make the electronically deposited funds available on the same day as the deposit.

Thus, the given statement is false.

Learn More:

Learn more about the interest rate brainly.com/question/8379060
Learn more about the perfect competition brainly.com/question/11042749
Learn more about the product leadership brainly.com/question/6610513

Answer Details:

Grade: Senior school

Chapter: Banking system

Subject: Business studies

Keywords: true, false, banks, required, make, electronically, deposited, funds, available, same, day, deposit, remote deposit.

PIT_PIT [208]3 years ago

4 0

Banks are required to make electronically deposited funds available on the same day of the deposit. False.

Banks are not required to make same day deposits available. The amount deposited and the bank all have different rules for for when they need to have funds available. Since each bank and type of account decide whether or not the funds need to be available and for how much, this varies from bank to bank.

You might be interested in

Which of the following statements is correct?

Marina CMI [18]

Answer:

Free cash flow (FCF) is, essentially, the cash flow that is available for interest and dividends after the company has made the investments in current and fixed assets that are necessary to sustain ongoing operations. (A)

Explanation:

Option A- This statement is true.

Option B- This is false. After-tax operating Income is calculated as Operating profit less interest less Depreciation and less tax

Option C-This is false. They will have the same operating incomes. Operating income is calculated as Sales less operating cost.

Option D- False.

Option E- False.

8 0

3 years ago

Morgan Co. signs a $50,000 noninterest-bearing 5-year note payable for goods purchased from Xelco Industries. The appropriate ra

riadik2000 [5.3K]

Answer:

$31,046

Explanation:

You take the $50,000 and divide it by 1.10^5 = $31,046

5 0

3 years ago

Three months ago, Central Supply stock was selling for $51.40 a share. At that time, you purchased five put options on the stock

oee [108]

Answer:

$4,350

Explanation:

Calculation to determine your net profit or loss on this investment

Net profit = (-$0.60 - $42.70 + $52) × 100 × 5

Net profit= $4,350

Therefore your net profit or loss on this investment is $4,350

7 0

3 years ago

You are contemplating adding direct selling activities to your existing bricks-and-mortar retail business to increase sales. You

Ksivusya [100]

Answer:

It may be more expensive and time-consuming than using an intermediary

Explanation:

Direct selling makes it hard to reach new customers and also entails spending an extensive time in trying to convince prospective customers before sales is made. Sadly, in some situations, some prospects do not buy in on the intended product and thus, no sale is made and time wasted.

8 0

3 years ago

Read 2 more answers

the risk-free rate is 3% and you believe that the S&P 500's excess return will be 10% over the next year. If you invest

horrorfan [7]

Answer:

The expected excess return will be 11.4%

Explanation:

The S&P 500's excess return is the market return (rM). Using the CAPM model or the SML approach, we can calculate the required/expected rate of return on the stock we are investing in.

The expected rate of return is,

r = rRF + β * (rM - rRF)

Thus, return on the invested stock will be:

r = 0.03 + 1.2 * (0.1 - 0.03)

r = 0.114 or 11.4%

7 0

3 years ago