Banking Term: Account Reconciliation Services
Jul 1, 2015 15:59 IST
- It is a cash management service.
- One or more of a series of bank services designed to aid a deposit customer in the reconciliation of its bank account balance.
- A basic account reconciliation service may simply be a listing of paid checks in serial number order. More advanced account reconciliation services combine electronic data provided by the customer with the bank's records to reconcile completely the account and list all outstanding items.
- Many variations exist. Also called account recs, ARPs, or recons.