Definition of clearing bank noun from the Oxford Advanced Learner's Dictionary


clearing bank

BrE BrE//ˈklɪərɪŋ bæŋk//
; NAmE NAmE//ˈklɪrɪŋ bæŋk//
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(in Britain) a bank that uses a clearing house when dealing with other banks Culture There is a single clearing house for all cheques paid in Britain called 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, HSBC, and NatWest.