Q413
Banks that deals with reciprocal agreements and accounts are considered as
A.
correspondent banks
AnswerB.
non-correspondent banks
C.
reciprocal transactions
D.
functional banks
Answer: Option A
Solution
Answer: Option A
Solution:
Banks that deals with reciprocal agreements and accounts are considered as correspondent banks. Correspondent banks are financial institutions that act as an agent on behalf of other financial institutions, usually foreign banks.