Question

When a customer deposits a check into their bank account, what type of transaction is taking place?

A Foreign currency exchange Correct Answer Incorrect Answer
B Mobile banking Correct Answer Incorrect Answer
C Check clearing Correct Answer Incorrect Answer
D Stock trading Correct Answer Incorrect Answer

Solution

Depositing a check involves a check clearing transaction, where the bank verifies the authenticity of the check and credits the funds to the customer's account.

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