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What is Understanding Cheque Clearing Houses about?
A clearing house facilitates payments between banks by allowing them to exchange cheques drawn on one another and settle balances owed. Cheques are physically transferred between banks along with electronic cheque data to allow fraud detection. The clearing process takes 3 days, with cheques sorted on day 2 and funds debited/credited on day 3. Individual bank policies determine when funds are made available to customers, usually within 4-5 days.
- Author
- Alisha Fernandes
- Language
- EN