True / False

Removing a physical check from the processing flow is called truncation. T/F

Removing a physical check from the processing flow is called truncation. T/F

Some banks will offer loan applications and approvals via the internet. T/F.

SWIFT runs a worldwide network where financial messages can be exchanged. T / F

Demand deposit accounts are not included in M1. T / F.

POS is short for point-of-shortage in the banking industry. T / F.

A power of attorney is not allowed to be used with a bank account. T / F.

Mobile banking includes banking done through a tablet or smartphone. T/F.

A negotiable instrument is a promise to pay. T / F.

Direct deposit is an example of an ACH payment. T / F.

The depositary bank is the bank where a check is deposited. T / F.

A money order is a set amount without a designated payee. T / F.

A night deposit is used to make deposits after banking hours. T / F.

The person in possession of a check is called the holder. T / F.

Travelers checks are included in M1. T / F.

A teller's check is the same as a cashier's check. T / F.

An order by a depositor not to pay a previously issued check is called a canceled check. T / F.

An on-us check must be deposited at the bank on which it is drawn. T / F.

An endorsement is typically on the front of the check. T / F.

Starting in 2000, e-contracts and e-signatures have the same status as paper records. T /F.

An altered check does not include changes to the dollar amount. T / F.

The numbers printed on the bottom of the check only include the MICR number. T / F.

A check must be for a fixed amount. T / F.

A security technique that uses two or more parties is called dual custody. T/ F.

A substitute check can be processed through automated check systems.

Previous. T / F.