check processing
Verifying paper drafts
Check processing is the system by which banks verify, transfer, and settle funds from paper or electronic checks.
When you deposit a check, it goes through a clearing process where your bank communicates with the payer's bank to confirm funds and complete the transfer.
Modern check processing is largely electronic—physical checks are converted to digital images that move through automated clearing systems.
Check processing can take one to three business days.
- clearinghouseCentral settlement agency
- clearing houseInstitution settling mutual claims
- tellerOne who counts
- depositPlace for safekeeping
- transferMove between locations
withdrawal · reconciliation · remittance · endorsement · audit trail · account holder · account balance · bank statement · routing number · overdraft · payment gateway · fraud detection · mobile banking · Sarbanes-Oxley Act · invoice · pay stub · business days · settlement
- bankingbank, banks, ATM, ATMs, account
- treasuryUS Treasury, Treasury Department, treasury bonds, Exchequer, state treasury
check processingdigital payment
Non-cash electronic transaction
electronic funds transfer · mobile payment · EFT · contactless payment · Apple Pay
check, processing, checks, checked, checking, checker, checkers, recheck, rechecked