Asked by amanda ronald on May 12, 2024
Verified
________ banks are the first to receive a check for payment.
A) Donor
B) Repository
C) Depositary
D) Acceptance
E) Payee
Depositary Banks
Financial institutions that hold securities, such as stocks and bonds, in electronic or physical form for safekeeping and facilitate transactions for these securities.
Payment
A transaction or arrangement in which money is exchanged for goods or services.
- Gain an understanding of the roles and importance of depositary, collecting, and intermediary banks within the check processing cycle.
Verified Answer
AG
Anubhav GogoiMay 14, 2024
Final Answer :
C
Explanation :
Depositary banks are the first to receive a check for payment as they are the banks where the check is first deposited by the recipient.
Learning Objectives
- Gain an understanding of the roles and importance of depositary, collecting, and intermediary banks within the check processing cycle.