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

  • Office of Foreign Assets Control (OFAC)

    Office of Foreign Assets Control. A US regulatory Agency that is responsible for monitoring funds held or transferred to illegal entities. The OFAC list is a list of companies/individuals that should be prevented from sending/receiving...

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    A number that is no longer active (or no longer accepted by an institution) for check transactions, ACH transactions and/or wire transfers.

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