Andre writes a check for $$2,600,$ payable to Anthony, and drawn on First National Bank. Anthony indorses the check on

the back and gives the check to Simon to repay a loan. Simon indorses the check on the back and takes the check to First

National Bank to cash the check and receive the money. If First National Bank dishonors the check, Simon can collect the

$$2,600$ from Anthony:

if First National Bank does not pay the check within six months.

if Simon gives timely notice of dishonor to Anthony.

What is a Federal Reserve Bank called that acts as only a clearinghouse during the check collection process?

payor or collecting bank

depositary or collecting bank

drawee or intermediary bank