The FDIC clears checks for commercial banks to ensure that cash is deducted from the check writer's account and deposited in the check receiver's account.

Name: The FDIC clears checks for commercial banks to ensure that cash is deducted from the check writer's account and deposited in the check receiver's account.
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The FDIC (Federal Deposit Insurance Corporation) does not clear checks; it insures deposits in banks. Check clearing is typically handled by the Federal Reserve or private clearinghouses.

The FDIC Clears Checks for Commercial Banks to Ensure That