clearing bank


clearing bank
n (BrE)
a bank that is a member of a clearing house: an organization that arranges for payments to be made between customers of different banks. There is a single clearing house for all cheques paid in Britain: the Cheque and Credit Clearing Company. Members of the company are able to provide cheque books and other services to their customers at a lower cost than other banks, which have to arrange for a clearing bank to handle cheques on their behalf. The UK clearing banks include Barclays Bank, Lloyds TSB, HSBC, and NatWest.

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