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FEDERAL RESERVE DEPOSITS: Deposits that commercial banks keep with the Federal Reserve System. Federal Reserve deposits, together with vault cash are the bank reserves that banks use to back up customers' deposits and otherwise conduct daily transactions, such as processing checks and satisfying customers cash withdrawals. Federal Reserve deposits play three key roles in the banking system. One, they are used by the Federal Reserve system to process of clear checks. Two, they are loaned between commercial banks through the federal funds market. Three, they are used by the Federal Reserve System to control the money supply.
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CHECK CLEARING The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another. Check clearing is the heart and sole of daily banking activity and the final step in the use of checkable deposits as the medium of exchange for conducting transactions in the economy. Check clearing is facilitated by central clearinghouses, including the Federal Reserve System and a number of private organizations. The check clearing process is also a key component of the money creation process.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"Most people never run far enough on their first wind to find out they've got a second. Give your dreams all you've got and you'll be amazed at the energy that comes out of you." -- William James, Psychologist
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UR
Unemployment Rate
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