Glossary

Correspondent Banking

A relationship entered into between a small bank and a big bank in which the big bank provides a number of deposit, lending, and other services.

Related Terms

  • Retired Routing Number

    A number that is no longer active (or no longer accepted by an institution) for check transactions, ACH transactions and/or wire transfers.

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  • Know Your Customer (KYC)

    Know Your Customer is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them.

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