Question

    When a customer deposits a check into their bank account, what type of transaction is taking place?

    A Foreign currency exchange Correct Answer Incorrect Answer
    B Mobile banking Correct Answer Incorrect Answer
    C Check clearing Correct Answer Incorrect Answer
    D Stock trading Correct Answer Incorrect Answer

    Solution

    Depositing a check involves a check clearing transaction, where the bank verifies the authenticity of the check and credits the funds to the customer's account.

    Practice Next