An entity that processes checks and electronic fund transfers for banks and other financial organizations is called a _____.

Question

Quizplus · Accepted Answer

A clearinghouse is an entity that processes checks and electronic fund transfers for banks and other financial organizations. Credit unions are financial institutions owned by their members, float refers to the time it takes for funds to move between accounts, and a bearer is the person who presents a negotiable instrument, such as a check, for payment.

An Entity That Processes Checks and Electronic Fund Transfers for Banks