For checks collected through the Reserve Bank, the account of the collecting institution is credited for the value of the deposited checks in accordance with the availability schedules maintained by the Reserve Banks. These schedules reflect the time normally needed for the Reserve Banks to receive payments from the institutions on which the checks are drawn. Credit is usually given on the day of deposit or the next business day. (The Federal Reserve in the U.S. Payment System, 2011, p. 91).
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