How would electronic funds transfer affect the use of "float"?
A) Increase its use somewhat
B) Decrease its use somewhat
C) Virtually eliminate its use
D) Have no effect on its use

Question

Quizplus · Accepted Answer

Electronic funds transfer (EFT) allows for immediate and direct transfer of funds between accounts, without the need for physical checks. As a result, the use of "float," which is the time between when a check is written and when the funds are actually withdrawn from the account, becomes virtually eliminated. The use of EFT speeds up the payment process, making funds available immediately, so there is no need to rely on the delay provided by "float."

How Would Electronic Funds Transfer Affect the Use of "Float