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clearing bank

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clearing bank

Commercial bank that is a member of a cheque-clearing system for the purposes of clearing cheques drawn against each others' funds. In the UK, all the major high-street commercial banks are clearing banks. Clearing a cheque means that a customer of one bank can write out a cheque to a customer of another bank. The clearing system then works so that when the cheque is deposited in the system, money is transferred from one bank to the other.



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? Mentioned in ? References in periodicals archive
 
The Working Group, formed by the Board after the September 11, 2001, terrorist attacks in New York City, recommended nine steps to mitigate risks to the financial system from the interruption or termination of the services of a clearing bank as the result of either operational or non-operational problems.
Report of the Working Group on Government Securities Clearance and ... by Federal Reserve Bulletin
Though not as big a project as the mammoth North Regional Clearing Bank in Hanover (AR August 2002), it still sets challenging architectural and environmental standards for what can often be a dreary and dislocated building type, the edge of town office.
Radiant star: these new headquarters for a German finance company are ... by The Architectural Review
Clearing banks may also implement an automated signature verification system or visual verification by comparing the image with the original signature card to determine authenticity of the client signature.
VSoft Corporation to Convert Philippine Clearing House to Check ... by Business Wire
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