Which speed key is used for loan payments?

Which speed key is used for loan payments?

• A. Speed key for mortgage payments
• B. Speed key for loan payments
• C. Speed key for savings deposit
• D. Speed key for previous transactions

Answer: (B)

Speed keys are quick-access shortcuts on a teller terminal used to speed up routine tasks. For loan payments, the speed key designed for loan payments posts a payment to the borrower’s loan account, applying the funds to the balance and updating the loan ledger accordingly. This is distinct from a mortgage payments key, which would apply specifically to mortgage accounts; a savings deposit key would credit a savings account; and a previous transactions key would recall or repeat a recent action rather than initiate a new payment. Therefore, the loan payments speed key is the appropriate tool for processing a loan payment.

Speed keys are quick-access shortcuts on a teller terminal used to speed up routine tasks. For loan payments, the speed key designed for loan payments posts a payment to the borrower’s loan account, applying the funds to the balance and updating the loan ledger accordingly. This is distinct from a mortgage payments key, which would apply specifically to mortgage accounts; a savings deposit key would credit a savings account; and a previous transactions key would recall or repeat a recent action rather than initiate a new payment. Therefore, the loan payments speed key is the appropriate tool for processing a loan payment.