asked 84.0k views
3 votes
Many banks have an ABA number, but cannot accept wire transfers:

A) True
B) False

asked
User Leonvian
by
7.0k points

1 Answer

3 votes

Final answer:

The statement about the Panic of 1819 increasing American faith in the Second Bank of the United States is false; in fact, the crisis led to a decline in confidence as the bank tightened credit in response to the economic turmoil.

Step-by-step explanation:

The statement that 'The Panic of 1819 increased the American people's faith in the Second Bank of the United States' is false. The Panic of 1819 was the first widespread economic crisis in the United States, which led to foreclosures, bank failures, unemployment, a slump in agriculture and manufacturing, and a collapse in real estate prices.

Public opinion of the Second Bank of the United States deteriorated because it was seen as not stabilizing the economy and for its tightening of credit in a bid to control inflation, which led to the financial difficulties for many Americans.

The ABA number, also known as a routing number, is primarily used for domestic transactions like direct deposits and electronic transfers. However, not all banks with an ABA number can facilitate international wire transfers. To send or receive funds globally, a bank needs to have a corresponding SWIFT/BIC code.

The ABA number is specific to the United States, and its usage is limited to domestic financial transactions. For international wire transfers, it's crucial to ensure the bank has the necessary infrastructure, including a SWIFT code, to facilitate cross-border transactions.

answered
User Matias Quaranta
by
7.5k points
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.