What is Electronic clearances?

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What is Electronic clearances?..

Answer / anandsurya

It is a mode of electronic funds transfer from one bank
account to another bank account using the services of a
Clearing House. This is normally for bulk transfers from
one account to many accounts or vice-versa. This can be
used both for making payments like distribution of
dividend, interest, salary, pension, etc. by institutions
or for collection of amounts for purposes such as payments
to utility companies like telephone, electricity, or
charges such as house tax, water tax, etc or for loan
installments of financial institutions/banks or regular
investments of persons.

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What is Electronic clearances?..

Answer / mail

Electronic clearances system (ECS),Morden Type of Clearing
of transction to quickly taking place. in Electronic
clearances system a bank have give ECS letter give
accountholder.

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What is Electronic clearances?..

Answer / sreedevi

it is being introduced by banks recently becoz to simplythe
and to give good services to customers without remembering
and bothering about making paymnets such as insurance
premiums elect.bills taxes etc by simply giving a mandatory
form to bank it automatically makes such trnasfers and
intimates to customers

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