I want to know how does the system work now, present day process of check clearing in Federal...

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I want to know how does the system work now, present day process of check clearing in Federal Reserve. Also, I need some kind of document( books, journal-bibliography) to validate it. Also, I need a breakdown of what happens1.Intra clearing2.Inter clearing where both banks are in the same district.3.Inter clearing where one bank is in one district and other bank in other districtI would appreciate if you explain each one separately.

Robert · Accepted Answer

Check clearing process in Federal Reserve  
 
It is the process in which reserves or funds are transferred between banks to settle the accounts of 
instruments traded. It is the daily banking activity and it is the medium of exchange of 
transactions in the economy. This function is facilitated by central clearing houses, like Federal 
Reserve System and a number of private organizations. It is a main component of the money 
making process. 
It is the transfer of funds from one bank to another where a check written on one bank, is 
deposited in another bank. This process is done by centralized check clearing houses. Federal 
Reserve is a nationwide clearing house. 
The seller acquires an immediate control of the money asset as soon as he presents the currency 
for payment where as in case of check, control is obtained only after the check is process and 
funds are transferred. 
Federal Reserve acts as a clearing house for banks. Federal Reserve maintain accounts for 
various banks, it collects the checks from member banks, sort by banks and then debit or credit 
each bank. It determines whether a given bank,

I want to know how does the system work now, present day process of check clearing in Federal Reserve. Also, I need some kind of document( books, journal-bibliography) to validate it. Also, I need a...

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