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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
 
Its members included senior representatives of the two clearing banks for government securities (J.
Report of the Working Group on Government Securities Clearance and ... by Federal Reserve Bulletin
Clearing banks are not required to hold 100 percent liquid reserves against checkable deposits.
Money Reform by HANKE, STEVE H. / The International Economy
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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