What are Cleared Funds?
Cleared funds are usually identified as cash, checks or other financial instruments that have been deposited into a bank or investment account, and have been cleared for usage by the institution. Depending on the regulations the govern deposits with the jurisdiction, as well as the standard practices of the financial institution, the deposited funds may be immediately available to the account owner, or be held in a pending mode for a specified matter of time. Financial institutions are responsible for following federal guidelines regarding the availability of deposits, and develop their internal procedures related to cleared funds in a manner that complies with federal regulations. With many banks today, cash and checks written under a certain amount are recorded first as a credit memo to the account. This effectively helps the internal system keep track of postings that will shortly be applied to a given account. If the customer makes a deposit before a set time of day, the credit mem
When you order a vehicle with us we ask for “cleared funds ” prior to delivering your vehicle. This is where we receive notice that the full amount due for your order has been received by our bank. One of the easiest methods is bank transfer where you ask your bank to send the amount due directly to our bank. faqslide(’31’,’http://www.carcare-direct.co.
When you order a vehicle with us we ask for “cleared funds ” prior to delivering your vehicle. This is where we receive notice that the full amount due for your order has been received by our bank. One of the easiest methods is bank transfer where you ask your bank to send the amount due directly to our bank.
