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Finance Dictionary and Glossary of Investment Terms
clearinghouse funds
Definition 1.
Funds represented by a personal or business check that pass between Federal Reserve System banks prior to approval of credit. Clearinghouse funds are in the process of being transmitted and reconciled through a central processing mechanism. Since these funds have to be processed by the central clearing mechanism, they might not be available as soon as the check is deposited in an account (there is often a delay of a few days).
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