Membership

Banks and building societies which clear cheques and credits though the GB clearings are required either to become settlement members of the Cheque and Credit Clearing System or to clear through an agency arrangement with one of the settlement members.

Direct access to the Cheque and Credit Clearing System

Banks and building societies wishing to become a settlement member must meet the eligibility criteria for joining the system.

Each member is individually responsible for processing cheques drawn by or credited to accounts of their customers.

The settlement members own the Cheque and Credit Clearing Company and each member has the right to nominate a Board representative, and to attend Board meetings and make decisions about how cheques are cleared.

Indirect Access to the Cheque and Credit Clearing System

Some 400 banks and building societies provide cheque clearing services for their customers and obtain indirect access to the cheque clearing mechanism by means of agency arrangements with one of the settlement members. An entity wishing to become an "indirect clearer" makes the necessary contractual arrangements directly with the member concerned. The Cheque and Credit Clearing Company does not get involved with these commercial arrangements.