Homeplace Bank is the financial institution where Martha holds her checking account. As stated in the question, Martha signs a check payable to Phillipa drawn on her account at Homeplace Bank.
Banks play a vital role in the economy by providing various financial services to individuals and businesses. They allow customers to deposit money, withdraw funds, and make payments using checks, debit cards, or online transfers. Homeplace Bank is one such institution that offers these services.
Having a checking account at Homeplace Bank means that Martha can deposit her money into the account and access it through various means, such as writing checks. In this case, Martha signed a check payable to Phillipa, which means that she authorized Homeplace Bank to pay Phillipa the specified amount from her account.
Overall, Homeplace Bank is the financial institution where Martha has her checking account, and it facilitates her banking activities, such as making payments through checks.