3rd December 2019

newyorkfed
14

How checks are cleared?

Today, the Federal Reserve receives almost all the checks it processes for clearing as electronic check images. Regardless of whether checks are processed as paper or electronic items, financial institutions have several alternative ways to receive payment for, or clear, checks deposited with them.

How many days does it take for Cheque to clear?

When banking a cheque into a transactional account, it will take 3 days to clear including the day of deposit. (A cheque deposit done on a Monday would be available Thursday). However when banking a cheque into a credit card, it takes 3 days to clear excluding the day of deposit.
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