Home > Term: check clearing
check clearing
Movement of a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of its face amount in the opposite direction. This process (called 'clearing cycle') normally results in a credit to the account at the bank of deposit, and an equivalent debit to the account at the bank on which it was drawn.
- Part of Speech: noun
- Industry/Domain: Accounting
- Category: General accounting
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Creator
- anton.chausovskyy
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