clearing bank


clearing bank
clearing bank
A bank which is a member of the London Clearing House
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Main Entry:bank
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clearing bank noun
A bank that is a member of the London Bankers' Clearing House, through which it makes credit and cheque transfers to and from other banks
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Main Entry:clear

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clearing bank UK US noun [countable] [singular clearing bank plural clearing banks] british
a bank that does business with other banks through a clearing house
Thesaurus: types of bank and people who work in bankshyponym

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clearing bank,
any one of a group of large British banks that are members of the London Clearing House: »

All the clearing banks except Barclays now issue cheque guarantee cards (London Times).

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noun, pl ⋯ banks [count]
Brit : any bank that uses a clearinghouse

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ˈclearing bank [clearing bank clearing banks] noun
(in Britain) a bank that uses a ↑clearing house when dealing with other banks
 
Culture:
There 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 on their behalf. The UK clearing banks include ↑Barclays Bank, ↑Lloyds TSB, ↑HSBC, and NatWest.

Useful english dictionary. 2012.