One of the check collection requirements is sending items to Reserve Banks. In this requirement:
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
Correct Answer:
Verified
Q160: ACME Bank is a state nonmember bank
Q161: When returning items to a Reserve Bank,
Q162: The sender's liability for warranties and indemnities
Q163: The sender agrees to indemnify each Reserve
Q164: A _ must settle for an item
Q166: A Reserve Bank may present a noncash
Q167: _ is an agent or a subagent
Q168: An electronic image of an item together
Q169: A sender and any prior collecting banks
Q170: By sending an item to a Reserve
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents