i admit that i don't have a close grasp on e.g. the check clearing system and what elements are in federal hands. but instead of yelling at and insulting me, maybe erik could explain exactly how this system works.
I have no interest in discussion with those who make strident claims in reckless ignorance, who then expect other people to correct them, and, worse yet, who finally insist on bickering over the accuracy of anything one might say. Use a library. That's a place with lots of paper periodicals and paper books. Library materials not online, mostly, but it is still where most of the world's encoded knowledge is stored. If you don't like paper, tough. That's the way the world is right now. If you like, I _will_ explain to you offline some resources available in libraries about these topics, but only after I've seen some evidence of a good faith effort to visit a library, such as, say, some interesting story in a recent _American Banker_. Eric