Automated Clearing House

Definition:

Electronic clearing and settlement system for exchanging electronic transactions among participating depository institutions; such electronic transactions are substitutes for paper checks and are typically used to make recurring payments such as payroll or loan payments. The Federal Reserve Banks operate an automated clearinghouse, as do some private sector firms.

Related terms:

Financial Executives International

Personal financial statements

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Net Worth

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Adjusted Cost

Computes the average cost base (or cost per share) for a series of stock or mutual fund purchases.

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Term: Banking -> Automated Clearing House