In the United States,if a customer of Bank of America writes a check and the recipient of the check deposits it in HSBC North America Holdings,then the check is cleared by ________.

Question

Quizplus · Accepted Answer

The Federal Reserve (the Fed) acts as a central clearing facility for checks and electronic payments in the United States, facilitating the transfer of funds between banks, such as from Bank of America to HSBC North America Holdings in this scenario.

In the United States,if a Customer of Bank of America