Checks can be cleared only through the Federal Reserve System.

Name: Checks can be cleared only through the Federal Reserve System.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Checks can be cleared through different channels, including through a bank's own clearinghouse, through a correspondent bank, or through a third-party processor. While the Federal Reserve System is a major player in the clearing and settlement of checks, it is not the only way for checks to be cleared.

Checks Can Be Cleared Only Through the Federal Reserve System