What is it called when banks record which account gives up money and which account receives money when a customer writes a check?

Question

Business

Malcolm Guzman

11 January, 00:43

What is it called when banks record which account gives up money and which account receives money when a customer writes a check?

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Answers (1)

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Fatima Giles · Answer 1

Check Clearing

Explanation:

The process by which bank records which account gives up money is called check clearing. Check clearing is the process by which banks record whose account gives up money and whose account receives money when a customer writes a check. A bank holding company is a company that owns multiple banks.