Accepting Bank


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Related to Accepting Bank: Notifying Bank

Accepting Bank

A bank in a country to which another bank sends a letter of credit on behalf of a client. The accepting bank honors the letter of credit and transfers requested funds to the client. This is similar to an advising bank, though the latter term refers exclusively to a bank in different country; an accepting bank may be (but is not necessarily) in the domestic country.
References in periodicals archive ?
The move by Austria comes after Germany's Bundesbank became the first central bank to announce it would no longer be accepting bank bonds backed by the three countries, the report said.
By accepting bank bills, the Reserve Bank was signalling two things:
Cleveland Police are warning traders to be extra vigilant when accepting bank drafts following a number of frauds involving high-value cars across the UK.
The agreement, signed by Finansnaeringens Hovedorganisasjon (the Norwegian Financial Services Association), Sparebankforeningen (the Norwegian Savings Banks Association) and Bankenes Betalingssentral, bound the banks to using BBS for the collection of transaction data from shops accepting bank cards.
There are the state supreme court justices, Ray Klingbiel and Roy Solfisburg, under investigation for accepting bank stock from a lawyer whose criminal appeal was before them.
If the accepting bank, the primary obligor, fails to meet its payment obligation, the holder of the note - assuming the bank has sold the B/A in the open market - has recourse back to the drawer of the draft, the secondary obligor.
That's because those stores offer point-of-banking (POB) services at the courtesy counter, accepting bank deposits, cashing checks and paying utility bills.