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Settlement Bank

A settlement bank is defined as a bank that takes charge of the settlement amount owed by a member of the bank. The bank maintains a financial account in order to financially secure, execute, and authorize any payment obligations that a member holds so that debts, such as credit card debts, may be taken care of. A settlement bank is also capable of authorizing settlements on the behalf of the member’s bank.

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Less than $2,500 More than $2,500
Always Never Sometimes