We’ve talked about check clearing before. Advances in how checks are processed (or “cleared”) have made it easier to bounce a check. (and bouncing checks is one of the easiest ways to lose your banking privileges and end up on the ChexSystems list). We found a great visual explanation of the check clearing process on the FFIEC website.
Posts tagged as:
check clearing
This term describes the movement of a check from a certain bank in which it was deposited back to the institution on which it was written. This also applies to the movement of the face amounts in the opposite direction. Also known as “clearing”, this usually results in a credit to the account at the [...]