Banking
Similarly, banks write off bad debt that is declared noncollectable (such as a loan on a defunct business or a credit card due that is now in default), removing it from their balance sheets.
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Famous quotes containing the word banking:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)