Which of the following is not a true statement about automated clearinghouses (ACHs)? Multiple Choice

Debits drawn on automated clearinghouses cost less than half that of checks processed through financial institutions.

The ability to reduce transactions costs and create convenience is driving the growth of automated clearinghouses.

Automated clearinghouses are responsible for the check clearing process between commercial banks and the Federal Reserve Banks.

Commercial transactions using automated clearinghouses have been growing at close to 17% per year since 1989.