Which of the Following Statements Is NOT True

Multiple Choice

Which of the following statements is NOT true?

A) The Federal Reserve operates the Fedwire electronic payments system while CHIPS is a private network.
B) Fedwire is used to transfer funds from the Fed to the banking system while CHIPS is used to make interbank funds transfers.
C) The Fed guarantees all payments on Fedwire while CHIPS transfers are provisional until settlement.
D) Large daylight overdrafts are incurred on both Fedwire and CHIPS.
E) Fedwire has a fee for daylight overdrafts but CHIPS does not.