An association of banks created for the purpose of settling accounts with each other on a daily basis is a:

Question

Quizplus · Accepted Answer

A clearinghouse is an association of banks that settle accounts with each other on a daily basis. They provide a central location for banks to exchange checks and other financial instruments, allowing them to clear their accounts with each other. The other choices do not accurately describe a clearinghouse.

An Association of Banks Created for the Purpose of Settling