Collection account

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Revision as of 16:27, 29 November 2014 by imported>Doug Williamson (Linked to The Treasurers Handbook - Payments and payment systems)
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A bank account opened for the specific purpose of speeding up the receipt of cleared value for remittances from specific customers or groups of customers, usually at a distant or foreign location or in a foreign currency.

In the US called a 'lock-box'.


See also