Tony gives Sonora a check for $500.Sonora deposits it in her local bank,which transfers the check to the Federal Reserve Bank in Chicago,which transfers it to Tony's bank in Wisconsin.What type of bank is the Federal Reserve Bank in this situation?

Question

Quizplus · Accepted Answer

A)Any kind of bank besides the payor bank)that handles Tony''s check during the
collection process is called a collecting bank.Finally,any bank besides the payor bank and depositary bank)to which the check is transferred is called an intermediary bank.
B)Any kind of bank besides the payor bank)that handles Tony''s check during the collection process is called a collecting bank.Finally,any bank besides the payor bank and depositary bank)to which the check is transferred is called an intermediary bank.
C)Any kind of bank besides the payor bank)that handles Tony''s check during the collection process is called a collecting bank.Finally,any bank besides the payor bank and depositary bank)to which the check is transferred is called an intermediary bank.
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D)?Any kind of bank besides the payor bank)that handles Tony''s check during the collection process is called a collecting bank.Finally,any bank besides the payor bank and depositary bank)to which the check is transferred is called an intermediary bank.
E)Any kind of bank besides the payor bank)that handles Tony''s check during the collection process is called a collecting bank.Finally,any bank besides the payor bank and depositary bank)to which the check is transferred is called an intermediary bank.
Topic: Accepting Deposits

Tony Gives Sonora a Check for $500