Banky team Reviewed editorial answerCheck clearing is the process by which a check moves from the payee's bank to the drawee bank for verification, payment, or rejection, and then the settlement of the amount between the two banks.
Steps
For a check in Egyptian pounds, the CBE explains that the customer deposits the check with their bank, the bank presents it through the clearinghouse, and the drawee bank checks the balance, banking health, and legality.
If no rejection occurs within the next day (D+1), it is considered accepted in the current clearing cycle.
Settlement then takes place between the banks, and the amount is credited to the payee's account.