Which of the following describes the place over which the bank-to-bank transfers are conducted within the United States?
A) lockbox system
B) concentration banking
C) wire transfers
D) Fedwire

Question

Quizplus · Accepted Answer

Fedwire is the electronic funds transfer system operated by the Federal Reserve Bank which is used for bank-to-bank transfers within the United States. The lockbox system is a service provided by banks to process customer payments received by mail. Concentration banking is a method in which a business maintains a centralized bank account to facilitate cash management. Wire transfers refer to electronic transfers of funds between individuals or businesses.

Which of the Following Describes the Place Over Which the Bank-To-Bank