A central location where representatives of area banks meet and settle balances with only one institution is termed a (an)

Question

Quizplus · Accepted Answer

A clearing house is a central location where representatives of area banks meet and settle balances with only one institution. This helps to simplify and streamline the processing of financial transactions between banks. Automated clearing houses (ACH) and regional check processing centers are also used for processing financial transactions, but they may not necessarily involve all the banks in the area. A communications and records center is not related to the settlement of balances between banks.

A Central Location Where Representatives of Area Banks Meet and Settle