Quote Originally Posted by Treefarmer View Post
At what point do people contract to become Fed banks?
And what exactly is that signature endorsing on the back of a check? Seems superfluous, since the front is already made out to that name. And if the signature is supposed to be an acknowledgement of receipt of cash, then why is it not on the front of the check?What exactly happens contractually on the back of the check or on the bank signature card for that matter?
I have never been able to get an answer to this question from any Master of Business Administration, banker, or attorney, even though I personally know some of them.
Hmm. So now I wonder if banks required endorsement before the Federal Reserve came into existence.