check clearing
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check clearing — The movement of a check from the depository institution at which it was deposited back to the institution on which it was written; the movement of funds in the opposite direction and the corresponding credit and debit to the involved accounts.… … Financial and business terms
Check Clearing For The 21st Century Act - Check 21 — A federal law that took effect on October 28, 2004, and gives banks and other organizations the ability to create electronic image copies of consumers checks. The images are then sent to the relevant financial institutions to be processed, where… … Investment dictionary
check-clearing float — The time between the date a check is deposited in a bank and the date it is charged to the drawer. Also called bank float or transit float. American Banker Glossary … Financial and business terms
Check 21 Act — The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, Pub.L. 108 100, that was enacted on October 28, 2003 by the 108th Congress. The Check 21 Act took effect one year later on October 28, 2004. The law… … Wikipedia
clearing — The procedure through which CME Clearing becomes the buyer to each seller of a futures contract, and the seller to each buyer, and assumes responsibility for protecting buyers and sellers from financial loss by ensuring buyer and seller… … Financial and business terms
Check 21 Act — The Check Clearing for the 21st Century Act ( Pub. L. No. 108 100 signed by President Bush on October 28, 2003). The law facilitates check truncation by creating a new negotiable instrument called a substitute check, which permits banks to… … Financial and business terms
Electronic Check Clearing House Organisation — A US organisation formed in 1990 to provide a forum for organisations involved in electronic cheque presentation (ECP). Current (1992) membership stands at 60 medium and large US banks … International financial encyclopaedia
Check verification service — A check verification service provides businesses or individuals with either the ability to check the validity of the actual check or draft being presented, or the ability to verify the history of the account holder, or both.[1][2] it often… … Wikipedia
check — Synonyms and related words: CD, IOU, MO, X, a reckoning of, abrade, abrasion, abysm, abyss, acceptance, acceptance bill, accord, account, account of, agree, allophone, alveolar, answer to, aperture, apico alveolar, apico dental, arrest,… … Moby Thesaurus
Check Hold — Denotes a period of time equal to the maximum number of days that a bank can legally hold the money from a check that was deposited. After this time it must credit the funds to the account of the party making the deposit. The check holding period … Investment dictionary
Check Conversion — A reformatting service offered by banking merchants. Check conversion allows banks to convert paper checks into electronic ones and then send them to the appropriate receiving bank. The electronic check is forwarded on via the automated clearing… … Investment dictionary
