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Explain in no more than 5 sentences.
Why is there is a need to follow certain financial precautions when writing cheques?
Step by step
Solved in 2 steps
- Definition of the initial cash reserveYour friend Tim wants to open a checking account, but he's not sure how to do it. Explain the process from start to finish.Financial intermediaries a.reduce the cost of financial transactions. b.provide safety of resources only for the large borrowing customers who can afford it. c.increase the cost of financial transactions but offset these higher costs by providing safekeeping of customer funds. d.provide handling of payments but usually less efficiently than other firms.
