If bank a receives a checkable deposits of $620 million and the required reserve ratio is 9 percent, then required reserves at bank a equal:________

If bank a receives a checkable deposits of $620 million and the required reserve ratio is 9 percent, then required reserves at bank a equal $55.8 million.

What are checkable deposits?

Any demand deposit account for which checks or drafts of any sort may be written is referred to as having checkable deposits in the technical sense.
(The owner of a demand deposit account has the right to immediate, noticeless withdrawals of funds.)
They also include any sort of negotiable draft, such as a Super NOW account or a negotiable order of withdrawal (NOW).
Standard checkable deposit accounts provide instant access to cash and are used to manage daily spending.
Checkable deposits have the ability to write checks or drafts.

The ability to move money and make transactions for checkable accounts is also growing thanks to innovative technology, enabling quicker settlement and immediate peer-to-peer transfers.

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