Which of the following resemble checks, but differ in that they are payable by the firm issuing them rather than payable by a bank? Wire transfers Zero-balance account Concentration banking Drafts

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Jessie Chang

Business

29 May, 04:47

Which of the following resemble checks, but differ in that they are payable by the firm issuing them rather than payable by a bank? Wire transfers Zero-balance account Concentration banking Drafts

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Gianni Griffin · Answer 1

Concentration banking Drafts resemble checks, but differ in that they are payable by the firm issuing them rather than payable by a bank

Explanation:

Concentration banking drafts resemble checks in that they are drafts payable to a firm guaranteed an amount of money by one firm directly to them but in the case of they are issued directly by the firm and given directly to the firm supposed to take the money.

In the other case it is the bank that processes the amount for the two firm which makes the process little slower than the demand draft wherein the money is transferred to directly.