Which of the following is true concerning checkable deposits? 1. The transfer of checkable deposits involves a payer, payee, and financial intermediary II. Checkable deposits can only be transferred by written check 11. The overall responsibility for check processing belongs to the Federal Reserve System Select one: O a. I only O b. I and ll only O c T and Ill only d. I, II, and III Which of the following statements is true concerning borrowing directly from the Federal Reserve? Select one: O a. Only member banks are allowed to borrow directly from the Federal Reserve O b. Only district banks are allowed to borrow directly from the Federal Reserve O c. Only commercial banks are allowed to borrow directly from the Federal Reserve d. None of these answers are correct Which of the following is responsible for check clearing in the U.S.? O a. The U.S. Treasury b. The Office of the Comptroller of the Currency c. The Federal Reserve System d. None of these answers are correct Clear my choice