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FDIC (Federal Deposit Insurance Corporation)
The Federal Deposit Insurance Corporation provides deposit insurance to depositors within U.S. banks. Its primary source of funding is through member dues from included banks.
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IVR (Integrated Voice Response)
Integrated voice response or integrated voice recognition are payment systems that use the telephone to automate the capture of transactional information from a payer. Payers may either enter their payment information (routing number, account number, check number) via telephone keypad or read the payment information verbally. Learn more about IVR (Integrated Voice Response) here.
Related Terms
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Lockbox
Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the...
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