Sylvia draws a check on ABC Bank payable "to the order of Ann Smith." Ann indorses it and deposits it in First Bank.First Bank is a:

Name: Sylvia draws a check on ABC Bank payable "to the order of Ann Smith." Ann indorses it and deposits it in First Bank.First Bank is a:
Brand: Quizplus
Rating: 4.9 (40 reviews)

Question

Quizplus · Accepted Answer

First Bank is a collecting bank because it is the bank that receives the check for deposit and processes it for collection from the drawee bank, which in this case is ABC Bank.

Sylvia Draws a Check on ABC Bank Payable "To the Order