Multiple Choice
Tony gives Sonora a check for $500.Sonora deposits it in her local bank,which transfers the check to the Federal Reserve Bank in Chicago,which transfers it to Tony's bank in Wisconsin.What type of bank is the Federal Reserve Bank in this situation?
A) A collecting bank or an intermediary bank
B) A provisional bank
C) A payor bank
D) A collecting bank,but not an intermediary bank
E) A depository bank
Correct Answer:

Verified
Correct Answer:
Verified
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