Clearing banks (UK)
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Commercial banks which are members of the London Bankers’ Clearing House, which facihtatcs the settling of daily balances due between the member banks arising from cheque and cash transactions throughout the country. both by the general public and individual banks themselves. At present the clearing banks are the ‘big four’ (Lloyds. Midland, Barclays and Nat West) plus Coutts & Co. Ltd, a subsidiary of NatWest, thc Royal Bank of Scotland P.L.C., the Co-operative Bank and the Trustee Savings Bank.
Reference: The Penguin Business Dictionary, 3rd edt.
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