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Clearinghouse funds

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Clearinghouse funds
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).
    
Clearinghouse is a central collection point where banks within a specified geographic area Exchange checks with one another.
Posted by  LISA Life Insurance Settlement Association
 
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