I wrote a check for a purchase, which cleared and was credited to bank "B" and returned to my bank. Bank "A", where it is deducted from my account, now has my check (or proof of my issuance). Is this check an instrument considered to be a security that bank "A" can trade to the Federal Reserve for credit to bank "A"'s reserve account or be sold at the discount window?
No, the check is paid. It has no value to anyone for any purpose other than for you to document the payment.
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No, the check is paid. It has no value to anyone for any purpose other than for you to document the payment.
