ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -No. The Federal Reserve Banks provide financial services to banks and governmental entities only. Individuals cannot, by law, have accounts at the Federal Reserve.
Detailed explanation-2: -More than 5, 000 depository institutions maintain accounts at the Federal Reserve Banks.
Detailed explanation-3: -Which of the following is true of the Federal Reserve System? It is the central bank of the United States, It is responsible for setting monetary policy, It is responsible for regulating the banking system. (All of the choices are correct.)
Detailed explanation-4: -Linking bank accounts with the same bank Some banks may waive monthly maintenance fees when you link your checking account to a savings account at the same institution, though you may need to meet a minimum balance across the accounts. Another fee that linking the accounts can help to bypass is an overdraft fee.