Learn English – the verb used for check payments

verbsword-choice

What is the verb used when a bank check has been paid?
Is the word cleared?
EDIT:
To be more specific, I'm looking for the word that means the check has been completely processed and it has either been cashed or deposited to another account. Should I just use the words cashed or deposited?

Best Answer

It seems the word you are looking for is cleared

  1. someone pays you with a cheque.
  2. you deposit you have money now on your account
  3. within a few days/a week the bank clears the cheque at the other bank and you can keep the money - the cheque has cleared
  4. if it does NOT clear, it bounces and the amount is deducted from your account

2a. if you cash it, the bank has to clear it immediately or will deduct the amount from your account if it does not clear, so you will need to have an account in that bank

UK Barclay cycle

http://ask.barclays.co.uk/help/day2day_banking/chequeclearing

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