The Three Basic Ways to Clear a Check Through the U.S.banking

question 146

Multiple Choice

The three basic ways to clear a check through the U.S.banking system includes all of the following EXCEPT:

• A)through a Federal Reserve Bank
• B)through the U.S.Treasury Bank
• C)through a bank clearinghouse
• D)bank to bank

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Definitions:

Caveat Emptor

A Latin phrase meaning "let the buyer beware," placing the responsibility on the buyer to perform due diligence before making a purchase.

Equitable Remedy

A court-ordered action typically taken to prevent or resolve harm rather than monetary compensation, aiming to ensure fairness.

Statutory Assignment

The transfer of rights or benefits from one party to another as regulated and permitted by law.

Assignee

The party to whom rights or duties under a contract are transferred by another party (the assignor).