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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. The Federal Reserve operates a nationwide check-clearing system. |
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The AICPA Financial Literacy Resource Center has added a section to its Web site about the Check Clearing for the 21st Century Act (Check 21). The Check Clearing for the 21st Century Act, or Check 21, lets banks transmit electronic images of a check rather than wait for the original paper check to make its way through the banking system. The Federal Reserve Board, on December 22, 2003, approved a proposed rule to amend Regulation CC (Availability of Funds and Collection of Checks) and its commentary to implement the Check Clearing for the 21st Century Act (Check 21 Act). |
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Check clearing
