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Questions and Answers
Which network are electronically created payment orders typically cleared through?
Which network are electronically created payment orders typically cleared through?
What is one key difference between electronically created payment orders and traditional checks or RCCs?
What is one key difference between electronically created payment orders and traditional checks or RCCs?
Why do the laws and regulations pertaining to check collection not apply to electronically created payment orders?
Why do the laws and regulations pertaining to check collection not apply to electronically created payment orders?
What is one disadvantage of the lack of systemized monitoring of electronically created payment orders?
What is one disadvantage of the lack of systemized monitoring of electronically created payment orders?
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Which entity is liable for the legitimacy of the items in an electronic check file sent to the Federal Reserve Banks?
Which entity is liable for the legitimacy of the items in an electronic check file sent to the Federal Reserve Banks?
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Which type of transactions do Reserve Banks accept applicable liability and offer warranties for?
Which type of transactions do Reserve Banks accept applicable liability and offer warranties for?
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What is the reason that collecting banks, such as the Reserve Banks, may not be able to avoid accepting electronically created payment orders?
What is the reason that collecting banks, such as the Reserve Banks, may not be able to avoid accepting electronically created payment orders?
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Who assumes liabilities and provides warranties for the legitimacy of the item sent to the Reserve Bank?
Who assumes liabilities and provides warranties for the legitimacy of the item sent to the Reserve Bank?
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Do Reserve Banks accept liability and offer warranties for electronically created payment orders?
Do Reserve Banks accept liability and offer warranties for electronically created payment orders?
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What is the main reason that Reserve Banks accept applicable liability and offer warranties for Check 21 transactions?
What is the main reason that Reserve Banks accept applicable liability and offer warranties for Check 21 transactions?
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