presenting and accepting a check by a drawee bank
Check clearing is the movement of a check from the depository institution at which it was deposited back to the institution on which it was written. The funds themselves move in the opposite direction, with a corresponding credit and debit to the involved accounts. This process results in credits to accounts at the institutions of deposit and corresponding debits to the accounts at the paying institutions.
the process of sending checks through the nation's banking system for delivery to drawee financial institutions for final payment against the makers' checking accounts
The movement of checks from the banks or other depository institutions where they are deposited back to those on which they are written, and funds movement in the opposite direction. This process results in credits to accounts at the institutions of deposit and corresponding debits to accounts at the paying institutions. The Federal Reserve participates in check clearing through its nationwide facilities, though many checks are cleared by private sector arrangement.