Banks used to have people transporting crates of paper checks to physically exchange them with other banks so the funds could be settled between them once a week. That’s the origin of the term “clearing house.”
Have you heard about the “automated” clearing house that isn’t automated at all 😂 https://www.npr.org/transcripts/229224964
Banks used to have people transporting crates of paper checks to physically exchange them with other banks so the funds could be settled between them once a week. That’s the origin of the term “clearing house.”
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