DEFINITION of 'Regional Check Processing Center - RCPC'

A local Federal Reserve facility where checks that are drawn on depository institutions are processed overnight. A regional check processing center conducts check-clearing operations including paper and electronic, and interbank check clearing. A depository institution is a financial institution such as a savings bank, credit union, commercial bank or savings and loans where the public makes deposits. Due to the increasing reliance on electronic check processing, the Federal Reserve Bank mainly processes electronic forms of payment through credit cards, debit cards and online account transfers versus paper checks.

BREAKING DOWN 'Regional Check Processing Center - RCPC'

The Federal Reserve continuously updates its check processing systems and restructures its schedules in order to meet the demand of check processing and make it more efficient in accordance with technological advancements. According to the Fed, the number of checks written in the United States has been declining since the mid 1990s; however, electronic processing of checks is increasing.

RELATED TERMS
  1. Electronic Check

    A form of payment made via the internet that is designed to perform ...
  2. Depository

    On the simplest level, depository is used to refer to any place ...
  3. Bank of First Deposit - BOFD

    The bank where a check is initially deposited to an account. ...
  4. Check

    A written, dated and signed instrument that contains an unconditional ...
  5. Electronic Check Presentment - ...

    A process that allows financial institutions to exchange digital ...
  6. Check Conversion

    A reformatting service offered by banking merchants. Check conversion ...
Related Articles
  1. Insights

    What Do the Federal Reserve Banks Do?

    These 12 regional banks are involved with four general tasks: formulate monetary policy, supervise financial institutions, facilitate government policy and provide payment services.
  2. Personal Finance

    Explaining Checking Accounts

    A checking account is an account at a financial institution, usually a bank, that allows for deposits and withdrawals.
  3. Investing

    How The U.S. Government Formulates Monetary Policy

    Learn about the tools the Fed uses to influence interest rates and general economic conditions.
  4. Personal Finance

    Top 5 Reasons Banks Won't Cash Your Check

    Learn the top reasons that a bank won't cash your check, and find out what steps you can take to prevent those scenarios from happening.
  5. Investing

    Demystification Of Bank Accounts

    Find out which type of account suits your specific needs.
  6. Personal Finance

    Depository Trust Company

    The Depository Trust Company, founded in 1973 and based in New York City, is one of the world's largest securities depositories.
  7. Investing

    What is a Cashier’s Check?

    A cashier’s check is a check written on a financial institution’s funds.
  8. Personal Finance

    What is a Bounced Check?

    Bounced check is a slang term to describe a check that cannot be processed because its writer has insufficient funds.
  9. Personal Finance

    5 Useless Financial Products That Will Disappear Soon

    Bank deposit slip: what's that? Everyday tools of our financial life that went from indispensable to obsolete.
  10. Insights

    Regional Banks Give The Fed A National Perspective

    We all know that the Federal Reserve utilizes monetary policy to control the economy, but what do the 12 regional Federal Reserve Banks do?
RELATED FAQS
  1. How do you calculate payback period using Excel?

    Understand the various fees that can be assessed on a personal or business checking account, and learn methods to avoid being ... Read Answer >>
  2. How long does it take a check to clear?

    It usually takes two days for a check to clear, but in some cases it may take longer. Discover how banks treat large deposits ... Read Answer >>
  3. In what ways has technology helped to reduce float?

    Learn more about the impact of float on the U.S. monetary system and how technology has changed the amount of float as measured ... Read Answer >>
  4. What do banks do to control the bank reserve?

    Understand what the Federal Reserve does in order to expand or contract the economy. Learn what depository institutions can ... Read Answer >>
  5. What are the Federal Reserve's guidelines on demand deposit accounts?

    Read about some of the Federal Reserve's requirements and guidelines regarding the treatment, safeguarding and processing ... Read Answer >>
  6. How does a depository bank benefit from issuing an ADR for a foreign company for ...

    For domestic investors the benefits of increasing the portion of their portfolio that they invest in foreign companies is ... Read Answer >>
Hot Definitions
  1. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  2. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  3. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  4. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  5. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
  6. Liquidity Event

    An event that allows initial investors in a company to cash out some or all of their ownership shares and is considered an ...
Trading Center