When we send out a check to be paid, we send a scanned image of it to the Federal Reserve and it gives us money for that. It is all funneled through the Federal Reserve. Keep in mind that financial institutions don’t send money to one another directly.
It has to do with how financial institutions collect and pay on checks. Why is there a delay in clearing a check? SAFE Credit Union Payment Operations Compliance Manager shares a behind-the-scenes view of the check-clearing process – and gives tips on ways to reduce that wait time or in some cases eliminate it altogether.
A common question members ask is why it takes time for a check to clear when they deposit at a branch, ATM, or through a mobile app but a financial institution withdraws funds from their account the same day they use a check at a retailer.
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