Asked by Megan McDermott on Jul 27, 2024
Verified
Electronic ________ is a system in which funds are electronically transferred from a customer's checking account,eliminating the need to process a paper check.
A) fund transfer
B) check transfer
C) check conversion
D) teller system
Electronic Transfer
Electronic transfer involves the movement of funds between accounts using electronic systems, without the need for physical exchange of money.
- Determine the positions and duties associated with electronic fund transfers.
Verified Answer
NP
NAKYRA PROPHET SMITHAug 03, 2024
Final Answer :
C
Explanation :
Electronic check conversion is the process by which a paper check is converted into an electronic payment transaction. The funds are electronically transferred from the customer's checking account, eliminating the need to process a paper check. Fund transfer refers to moving funds electronically between bank accounts, which can include wire transfers and online banking transfers. Check transfer and teller system are not accurate descriptions of this process.
Learning Objectives
- Determine the positions and duties associated with electronic fund transfers.
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