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1. A Correspondent bank is a bank that has formed a “partnership” with other banks in order to exchange checks and payments directly.  True  False 2. Article 4 of the Uniform Commercial Code covers three types of banks: depository banks, payor banks, and collecting banks.  True  False 3. The drawee bank is the one the payee deposits the check into.  True  False

1. A Correspondent bank is a bank that has formed a “partnership” with other banks in order to exchange checks and payments directly.  True  False 2. Article 4 of the Uniform Commercial Code covers three types of banks: depository banks, payor banks, and collecting banks.  True  False 3. The drawee bank is the one the payee deposits the check into.  True  False

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1. A Correspondent bank is a bank that has formed a “partnership” with other banks in order to exchange checks and payments directly.

 True

 False

2. Article 4 of the Uniform Commercial Code covers three types of banks: depository banks, payor banks, and collecting banks.

 True

 False

3. The drawee bank is the one the payee deposits the check into.

 True

 False

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