accepting house accepting house Formerly an institution specializing in accepting or guaranteeing bills of exchange. A service fee was charged for guaranteeing payment, enabling the bill to be discounted at preferential rates on the money market. The 1990s saw a decline in the use of bills of exchange and most of the accepting houses were absorbed by the merchant banks. Accepting Houses Committee Formerly a committee representing the main accepting houses in the City of London. Members of the committee were eligible for finer discounts on bills bought by the Bank of England, although this privilege was later extended to other banks. |