Certified Payroll Professional Practice Exam

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How does the Federal Reserve System closure on banking holidays impact transactions?

  1. Transactions are processed faster

  2. Transactions are delayed or rescheduled

  3. Transactions are cancelled

  4. Transactions proceed as normal

The correct answer is: Transactions are delayed or rescheduled

When the Federal Reserve System closes on banking holidays, it impacts transactions by causing delays or rescheduling. This is because the Federal Reserve plays a crucial role in processing interbank transactions, so when it is closed, the movement of funds between banks is hindered. As a result, transactions cannot proceed as normal and may need to be delayed or rescheduled until the Federal Reserve reopens.

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