cleared for fate

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Denoting the date on which the payer’s bank has confirmed that funds are available to provide value for a transfer in accordance with the instructions given in a cheque, etc. This may be up to four working days after the cheque has cleared for value. Once a cheque has cleared for fate the funds transferred to the payee cannot be reclaimed unless there is evidence of deliberate fraud. See clearing cycle.

Subjects: Accounting.

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