clearing bank

Definitions

Accounting

  • noun a bank which clears cheques, especially one of the major UK high Street banks, specialising in usual banking business for ordinary customers, such as loans, cheques, overdrafts and interest-bearing deposits

Economics

  • noun a bank which clears cheques, one of the major High Street banks, specialising in normal banking business for ordinary customers (such as loans, cheques, overdrafts and interest-bearing deposits)

Law

  • noun a bank which clears cheques by transferring money from the payer’s account to another account
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