_____ Banks are banks that have formed "partnerships" with other banks in order to exchange checks and payments directly, bypassing the Federal Reserve and its fee.

Question

Quizplus · Accepted Answer

Correspondent banks are banks that have formed partnerships (or correspondent relationships) with other banks to exchange checks and payments directly, bypassing the Federal Reserve and its fee. This helps to speed up the transaction process and reduce fees for both banks involved.

_____ Banks Are Banks That Have Formed "Partnerships" with Other