11. the purpose of an endorsement is to: a)open a checking account with direct d

Question

11. the purpose of an endorsement is to: a)open a checking account with direct deposit b)provide written evidence that payment has beenreceived c)convert u.s currency to the currency of anothercountry d)instruct the bank to automatically put an amount each monthin your savings account 19.a clearing house has the main purpose of: a)setting interest rates charged for loans b)determining the risk associated with different type ofconsumer loans c)sellling government bonds to investor d)settling accounts among different banks for checking beingpresented for payment 11. the purpose of an endorsement is to: a)open a checking account with direct deposit b)provide written evidence that payment has beenreceived c)convert u.s currency to the currency of anothercountry d)instruct the bank to automatically put an amount each monthin your savings account 19.a clearing house has the main purpose of: a)setting interest rates charged for loans b)determining the risk associated with different type ofconsumer loans c)sellling government bonds to investor d)settling accounts among different banks for checking beingpresented for payment

Explanation / Answer

A clearing house is a financial servicescompany that provides clearing andsettlementservices for financial transactions, usually on a futuresexchange, and often acts as central counterparty(the payor actually pays the clearing house, which then pays thepayee). A clearing house may also offer novation, thesubstitution of a new contract or debt for anold, or other creditenhancement services to its members.

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