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For checks collected through the Federal Reserve Banks, the accounts of the collecting institutions are credited for the value of the checks deposited for collection and the accounts of the paying banks are debited for the value of checks presented for payment.

Reserve Banks provide a range of payment and related services to depository and certain other institutions; these "priced services" include collecting checks, operating an automated clearinghouse (ACH) service, transferring funds and securities, and providing a multilateral settlement service (see box 5.1).

The Federal Reserve Bank's Paper Check Clearing Services allow financial institutions to deposit both paper forward and paper return check items. These services are especially beneficial in contingency situations when neither you nor your vendor can send an image cash letter file.

The Federal Reserve plays a key role in processing small-value electronic credit or debit transfers, such as direct deposits of payroll or recurring bill payments. The Federal Reserve Board issues paper currency (Federal Reserve notes). Federal Reserve Banks ensure adequate supply of paper currency around the country.

The Fed performs a variety of other tasks, including providing financial services to banks. One such service is a role in operating and overseeing the nation's payments systems, including the mundane task of clearing checks.

The Federal Reserve Banks offer item processing, settlement and adjustments services to help manage your check clearing needs. Forward items, including commercial checks, Treasury checks, and Postal Money Orders, can be deposited in a single cash letter.

Under the conventional method for processing paper checks, the check you write to a merchant (for example) is deposited by the merchant at the merchant's bank and the original paper check is then shipped from bank to bank. This process could take a few days.

For checks collected through the Federal Reserve Banks, the accounts of the collecting institutions are credited for the value of the checks deposited for collection and the accounts of the paying banks are debited for the value of checks presented for payment.

Reserve Banks provide a range of payment and related services to depository and certain other institutions; these "priced services" include collecting checks, operating an automated clearinghouse (ACH) service, transferring funds and securities, and providing a multilateral settlement service (see box 5.1).

The Federal Reserve Bank's Paper Check Clearing Services allow financial institutions to deposit both paper forward and paper return check items. These services are especially beneficial in contingency situations when neither you nor your vendor can send an image cash letter file.

The Federal Reserve plays a key role in processing small-value electronic credit or debit transfers, such as direct deposits of payroll or recurring bill payments. The Federal Reserve Board issues paper currency (Federal Reserve notes). Federal Reserve Banks ensure adequate supply of paper currency around the country.

The Fed performs a variety of other tasks, including providing financial services to banks. One such service is a role in operating and overseeing the nation's payments systems, including the mundane task of clearing checks.

The Federal Reserve Banks offer item processing, settlement and adjustments services to help manage your check clearing needs. Forward items, including commercial checks, Treasury checks, and Postal Money Orders, can be deposited in a single cash letter.

Under the conventional method for processing paper checks, the check you write to a merchant (for example) is deposited by the merchant at the merchant's bank and the original paper check is then shipped from bank to bank. This process could take a few days.