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Check clearing

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Definition Edit

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 Edit

  1. FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).

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