clearing bank

Definition

A commercial bank that is part of a network of banks that can clear checks for its clients regardless of whether or not the check originates from the same commercial bank. Clearing a check means processing it so that funds are deducted from the payer's account and put into the payee's account.

Use clearing bank in a sentence

He worked at the clearing bank and he really loved his job there and he loved everything that he did there.

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You should try and get a good reputation with a clearing bank that will allow you more borrowing power in the future.

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THE TYPE of bank which is a network of banks and allows clearing of checks for its clients even if it originates or does not from the same commercial bank is known as clearing bank

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clearing account bank giro