Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. The required reserve ratio is 5%. Dmitri, a client of First Main Street Bank, purchases $200,000 of Treasury bills in an open market sale undertaken by the Fed. Upon receipt of Dmitri's check, the Fed subtracts $200,000 from First Main Street Bank's Federal Reserve account, thereby extinguishing the money.