List the Three Tiers of the Federal Model

question 9

Essay

List the three tiers of the federal model.

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Definitions:

Payer's Check

A check issued by an individual or entity (the payer) to another party as a form of payment.

Bank Withdraws

Actions by which funds are taken out from a bank account by the account holder.

Endorsement

Signature on the back of a check with the terms for accepting the check as payment.

Cashed

Processed or exchanged for its value in money, typically referring to a check being turned into cash.