A clearing bank is the bank designated by the member to receive the member’s daily net settlement advisement, after clearing. The clearing bank will also conduct funds transfer activities with the net settlement bank and maintain the member’s clearing account. The clearing bank may be the member itself.
Clearing banks can clear cheques for its clients regardless of whether the cheques originated from that same bank or not.
In Britain, British banks can make use of the clearing house in London for the transfer of credits and cheques between banks.
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