Question

Divisions of the Fed known as ________ handle almost all the checks written against a bank in one city and presented for deposit to a bank in a second city.

Answer 1

The division that belongs to Fed which is responsible for handling of checks written against a bank in a particular city, which also helps in  presenting this check for deposit at a  bank in a another city.

• Check clearance can be explained as process of moving cash from a particular bank whereby a checks is drawn to the bank in which it was deposited.

• The division that handles this is check clearinghouses and helps as intermediate for check clearing between banks.

Therefore, check clearinghouses is the correct term.

Learn more at:

https://brainly.com/question/25109717