Suppose Alan receives a check for $300 from a bank in Dallas.He deposits the check in his account at his Baltimore bank.Which of the following is Alan's Baltimore bank likely to collect the $300 from?

Question

Quizplus · Accepted Answer

When a check is deposited in a bank, the bank sends it to its regional Federal Reserve bank for processing. Therefore, Alan's Baltimore bank is likely to collect the $300 from its regional Federal Reserve bank.

Suppose Alan Receives a Check for $300 from a Bank