clearing bank
noun/ˈklɪərɪŋ bæŋk/
/ˈklɪrɪŋ bæŋk/
- (in the UK) a bank that uses a clearing house when dealing with other banksCultureThere 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 for them. Some UK clearing banks include Barclays Bank, Lloyds, HSBC, the Royal Bank of Scotland and NatWest. The system also processes banker's orders.
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clearing bank