Asked by Rebecca Dooley on May 20, 2024
Verified
"Check 21" is the popular name for a federal law that enables banks to process checks electronically.
Check 21
A federal law designed to enable banks to handle more checks electronically, which makes check processing faster and more efficient.
Electronically
Pertaining to technology related to the use and application of electronic devices and systems.
Federal Law
Legislation enacted by the national government of a country, which has precedence over state laws in areas specifically delegated to the national authority.
- Explain the procedure and legal aspects of processing electronic checks and conducting wire transfers.
Verified Answer
DM
Danial MutalibMay 21, 2024
Final Answer :
True
Explanation :
The Check Clearing for the 21st Century Act,commonly known as "Check 21," a federal law that is designed to enable banks to process checks electronically.
Learning Objectives
- Explain the procedure and legal aspects of processing electronic checks and conducting wire transfers.