Multiple Choice
Which of the following is true?
A) All banks must process all checks through the Federal Reserve System.
B) All banks must process all "on them" checks through the Federal Reserve System.
C) The Federal Reserve System includes at least one regional bank in each state.
D) The Federal Reserve System is not permitted to charge a fee for its processing services.
E) Many banks use private clearinghouses instead of the Federal Reserve System to process checks.
Correct Answer:
Verified
Correct Answer:
Verified
Q21: When a check is presented for payment
Q22: Notifying a bank within 2 days of
Q23: When the amount of a check has
Q24: When a check is certified,which of the
Q25: Richard has a checking account at the
Q27: The legal effect of a stale check
Q28: In January of 2001,Fred had a cocktail
Q29: Who can certify a check?<br>A) the drawee<br>B)
Q30: A check that has been outstanding for
Q31: If the drawee's bank certifies a check,the