Which of the following is NOT a true statement?

a. Field warehouse financing is a type of inventory financing in which the collateral (inventory) is held by an independent third-party who ensures accurate reporting of the collateral condition and amount (e.g. seawater versus vegetable oil, etc.).

b. Some companies seek to maximize disbursement float by writing checks on distant banks or mailing from remote or small post offices.

c. A zero-balance account (ZBA) at the bank allows a firm to invest idle cash because the ZBA only contains the cash needed to clear checks for that day.

d. These days, a check clears the bank quickly because the paper check is no longer physically transported between banks/clearinghouses; rather a picture of the check, which replaces the paper check, is rapidly transmitted electronically within the banking/clearinghouse system.

e. A lockbox allows maximization of disbursement float by delaying check mailing/clearing time.