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

Franklin, John, Henry, and Harry have decided to pool their financial resources and business skills in order to open up and run

Finger [1]

Answer:

Their business should be classified as a Partnership.

Explanation:

The three major types of businesses are Sole Proprietorship, Partnership & Corporation. Sole Proprietorship has only one member and corporations have shared ownership and big in size. Partnerships are businesses in which a small number of people decide to pool in and start a business and are personally liable for any business debts. In this case the coffee shop opened by Franklin, John, Henry, and Harry would be classified as a Partnership.

Partnerships have a limited life and it will dissolve if any of Franklin, John, Henry, and Harry decide to leave the partnership unless stated otherwise in the charter of the partnership.

7 0

3 years ago

Sabrina Duncan had gross earnings for the pay period ending 10/15/16 of $5,835. Her total gross earnings as of 9/30/16 were $104

ivann1987 [24]

Answer:

option (A) $212.97

Explanation:

Data provided in the question:

Gross earnings for the pay period ending 10/15/16 = $5,835

Total gross earnings as of 9/30/16 = $104,400

Social Security tax rate = 6.2%

Now,

Total earnings

= Gross earnings for the pay period ending 10/15/16 + Total gross earnings as of 9/30/16

= $5,835 + $104,400

= $110,235

since,The Social Security taxes are on a maximum earnings of $106,800 per year

therefore,

Sabrina's Social Security withheld from her 10/15/16 paycheck will be

= ( Total earnings - $106,800 ) × Social Security tax rate

= ( $110,235 - $106,800 ) × 0.062

= $3,435 × 0.062

= $212.97

Hence,

The answer is option (A) $212.97

7 0

3 years ago

Consider the market for orange juice. Suppose two events occurred last week. During the course of this past week, the price of o

True [87]

Answer:

these two events would lead to an increase in equilibrium quantity and have an indeterminate effect on equilibrium price

Explanation:

As a result of the decrease in the price of oranges which is use in the production of orange juice, there would be a rightward shift of the supply curve for orange juice. A a result, the supply of orange juice would increase and price of orange juice would fall

Substitute goods are goods that can be used in place of another good.

The doubling of the price of coke would lead to a decrease in the demand for coke and an increase in the demand for orange juice. This would shift the dead curve for orange juice to the right. As a result, both equilibrium price and quantity increases

these two events would lead to an increase in equilibrium quantity and have an indeterminate effect on equilibrium price

8 0

3 years ago

DEF Ltd is a global leader in the manufacture, integration and support of networking and telecommunications systems. The company

Serjik [45]

Some of the challenges of this company include lack of control over financial reporting in all branches, and inaccurate data to make decisions for next years.

DEF Ltd's main problem is the inaccuracy regarding the recognition of revenue and other inconsistencies in financial reporting. This problem includes:

Inaccuracies related to revenue and deferred revenue.
Lack of documentation of some transactions.

Moreover, these problems are intended to be solved through a review process and training seminars. These two ideas are useful for the problem; however, the company might face some challenges and problems such as:

Lack of control in all branches: DEF Ltd seems to be a big company with multiple branches around the world. This makes it difficult for the company to control all financial records even if employees are educated about the process through seminars.
Inaccurate data for next periods: Considering there are lots of inconsistencies and some of the reports are incomplete, it is likely even after the review process the company does not have complete information about the previous transactions or revenues. This can affect future projections and decisions.

Note: This question is incomplete; here is the missing part:

Using the disclosures above as a starting point, brainstorm about the challenges regarding internal controls and that a company may face in doing business internationally?

Learn more in: brainly.com/question/10916805

5 0

2 years ago

this flight is operated by a partner airline united seat selection and changes are not available for this flight at this time. y

-Dominant- [34]

Partner Airline
Partnerships between or among airlines are known as airline alliances. Through these partnerships, airlines can pool resources, add or expand partner routes, and even provide the opportunity for customers to accrue and redeem miles through one another's rewards systems.

Main Content
For the spring of 2020, I'm looking into multi-city flights from Seattle to Rome and Rome to Seattle. On Lufthansa, premium economy is not an option for the dates I'm considering. However, I can discover routes flown by Lufthansa on the United website and have the option of choosing premium economy. However, I am unable to choose seats on the United website. It informs me "On this flight, there are no available advance seat assignments on united.com. You can go to the operating airline's website for more information after completing your purchase." I am less than certain that we will truly enter premium economy and may instead wind up in ordinary economy as a result of this. Please share your insights into this kind of reservation! Thanks!

to learn more about Partner Airline
brainly.com/question/15058902
#SPJ4

3 0

1 year ago