A check exchanged between two banks in the same city and cleared through the local clearinghouse is referred to as "same-day money".

Question

Quizplus · Accepted Answer

"Same-day money" refers to funds that are available for use on the same day the transfer is initiated, not specifically to checks cleared through a local clearinghouse. Checks exchanged and cleared locally may not necessarily be settled as "same-day money."

A Check Exchanged Between Two Banks in the Same City