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Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
Bank codes are coordinated by Payments NZ who administer the Bulk Electronic Clearing System ... Cheque Account: 00 Number 2 Account ... ANZ: 01, 04, [4] 06 and 11 ...
Cheque truncation (check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies.
At the time the clearance systems were open only to financial institutions registered as banks. The BSB and account number was printed on cheques in MICR format to streamline the process of data capture as well as for mechanical sorting and bundling of the physical cheques for forwarding to the payer bank branch for final cheque clearance ...
The length of a hold varies (2 days to 2 weeks) depending on the bank. It is not clear what length of time may pass before a bank can be held responsible for accepting a bad cashier's check. [10] In Canada, bank drafts carry the same legal weight as standard checks but are provided as a service to clients as a payment instrument with guaranteed ...
The Australia and New Zealand Banking Group Limited, commonly known as ANZ Bank, is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia.
Following concerns about the amount of time it took banks to clear cheques, the United Kingdom Office of Fair Trading set up a working group in 2006 to look at the cheque clearing cycle. They produced a report [ 33 ] recommending maximum times for the cheque clearing which were introduced in UK from November 2007. [ 66 ]
Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s.