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Which of the following helps explain why banks charge for wire transfers but not for funds deposited by check? a) It would not be fair
Which of the following helps explain why banks charge for wire transfers but not for funds deposited by check?
a) It would not be fair to charge for depositing checks, which often take several days to clear.
b) Funds are more costly for banks to transfer electronically than by check.
c) Because wire transfers generally involve larger sums, customers can afford to pay more.
d) There is greater risk of fraud for funds transferred by wire.
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