The main checking account of the U.S. federal government is held at the Federal Reserve Bank. Multiple Choice This is true. The U.S. government keeps its money deposited at the Federal Reserve Bank. We simply don't know. The U.S. government is so big that no one really knows. The U.S. government deposits most of its money with the World Bank. This is false. The U.S. government keeps its money deposited with the U.S. big banks