Check Clearing
Check clearing is the process of moving funds from the payer's bank to the payee's bank for a check payment. It includes presentment, verification, and settlement.
Modern check clearing relies on electronic image exchange rather than physical check transport. Clearing times affect availability of funds and available balances.
Related Terms
Check
A check (or cheque in British English) is a written order instructing a bank to pay a specific amoun...
Check Float
Check float is the time between when a check is written and when it clears the payer's account. Duri...
Check 21
Check Clearing for the 21st Century Act
Check 21 is a U.S. law that allows banks to process checks electronically by creating substitute che...
Bank Statement
A bank statement is a document issued by a financial institution that summarizes all transactions in...
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