Question

Under its agency functions, a commercial bank may act as a representative payee for its customers. This means the bank:

• A. Provides loan guarantees on behalf of customers
• B. Receives and manages payments like rents and insurance premiums on behalf of customers
• C. Invests customer funds in government securities without authorization
• D. Offers legal representation for customers in financial disputes

Answer 1

Answer:

B. Receives and manages payments like rents and insurance premiums on behalf of customers

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