Match each term on the left to the correct definition on the right. Clearinghouse A system or place where banks exchange checks and drafts drawn on each other and settle daily balances. Substitute check A network of twelve regional central banks located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts. Federal Reserve System A negotiable instrument that is a reproduction of the front and bank of an original check and contains all of the same information required on checks for automated processing