Concentration banking allows the banks to use the local collection system to clear the customers' checks.

Name: Concentration banking allows the banks to use the local collection system to clear the customers' checks.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Concentration banking is a cash management technique that involves collecting funds from multiple locations and depositing them into a central bank account. By doing so, the bank can use the local collection system to clear the customers' checks efficiently.

Concentration Banking Allows the Banks to Use the Local Collection