Check Collection Requirements: Sending Items to Reserve Banks

Check Collection Requirements

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Question

One of the check collection requirements is sending items to Reserve Banks. In this requirement:

Answers

A. A sender other than a Reserve Bank may send any item to the Reserve Bank with which it maintains an account

B. The following parties are deemed to have handled items, in this order: "¢ The initial sender "¢ The initial sender's administrative Reserve Bank "¢ The Reserve Bank that receives the item from the initial sender "¢ Any other Reserve Bank that receives the item from a Reserve Bank

C. Reserve Banks must receive cash items and other items (checks) at par

D. A foreign bank that maintains reserves under the International Banking Act of 1978

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Explanations

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A. B. C. D.

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