Federal Reserve Banks offer depository institutions, such as banks & credit unions, These services include delivering & receiving cash and currency, as well as collecting cheques and sending money electronically.
About Federal Reserve System
The US of America's central banking system is called the Federal Reserve System. With the passage of the Federal Reserve Act on December 23, 1913, it was established in response to the need for centralised control of monetary system to prevent financial crises following a string of financial panics. The tasks and responsibilities of the Federal Reserve System have grown over time as a result of occasions like the Depression of the 1930s as well as the Great Recession in the 2000s.
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