Asked by Genesis Hernandez on Jul 14, 2024
Verified
________ truncation refers to when the drawee bank keeps the original checks,in contrast to ________ truncation,where the payee keeps the original check.
A) Process;radical
B) Check;process
C) Check;radical
D) Radical;check
Check Truncation
The process of converting a physical check into a digital form for electronic processing and payment.
Radical
An individual or viewpoint favoring drastic political, economic, or social reforms; often involves changes to the status quo.
Drawee Bank
The financial institution upon which a check or draft is drawn and is responsible for its payment.
- Learn about different truncation processes and their significance in banking transactions.
Verified Answer
CS
Chris SnitkaJul 20, 2024
Final Answer :
C
Explanation :
If the drawee bank keeps the original checks,this is called check truncation (if the payee,such as a grocery store,keeps the original check,this is called radical truncation).
Learning Objectives
- Learn about different truncation processes and their significance in banking transactions.