Which of the following is NOT TRUE concerning The Clearinghouse Internet Payment System (CHIPS)?
A)It has similar intra-day net payment flows as Fedwire.
B)It does not charge explicit fees for intraday overdrafts.
C)It is a privately operated payments network.
D)It allows users end the day with an overdraft, but only for two consecutive days in a row.
E)It makes available $3 billion each day to cover each day's payment transactions.

Question

Quizplus · Accepted Answer

The Clearinghouse Internet Payment System (CHIPS) does not allow users to end the day with an overdraft for two consecutive days in a row. This is the only statement that is not true. The other statements are all accurate descriptions of CHIPS.

Which of the Following Is NOT TRUE Concerning the Clearinghouse