Final answer:
The false statement is that a customer check is a better payment method than a debit card for reducing the collector's float. The truth is that a debit card transaction reduces the collector's float more effectively compared to checks which take days to clear.
Step-by-step explanation:
In the question provided, the statements concern various facets of financial transactions and banking. After careful consideration, the false statement amongst the options given is: d. From the standpoint of reducing the collector's float, a customer check is a better payment method than a debit card. This statement is false because a customer check actually increases the collector's float compared to a debit card transaction. The collector's float refers to the time delay between when a payment is made by the payer and when the funds become available in the payee's account. A check usually takes several days to clear, while a transaction with a debit card is typically much faster, often immediate, thereby reducing the collector's float.
Other statements are true: a. The check and remittance advice do indeed trigger the receive payment process. b. A bank lockbox does create a more secure environment for the handling of cash than the manual process of receiving cash receipts through mail. c. Good funds indeed refer to money that is on deposit and available for immediate use.
Banking Tools and Transaction Efficiency
Banks aid significantly in economic transactions, simplifying payments, and withdrawals through the use of checking accounts and savings accounts. They provide customers with tools such as direct withdrawals, checks, and debit cards to facilitate smooth and secure financial activities. These tools play critical roles in how a business or individual manages cash flow and transactions.