Definition[]
Check clearing is
| “ | [t]he movement of a check from the depository institution at which it was deposited back to the institution on which it was written. The funds move in the opposite direction, with a corresponding credit and debit to the involved accounts.[1] | ” |
References[]
- ↑ FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).