payee processing float

payee processing float: Time between when a payment is received and when the funds are deposited. When employees hold their paychecks over a weekend and when vendors process receipts only once a week, the payor benefits from the extra time its investments earn interest. These beneficial payee processing delays are limited to payments by check. Electronic payments (wire transfers and ACH credits) produce no processing delay at all. American Banker Glossary

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float — 1. An amount of *money held as *petty cash. 2. The time difference between the deposit of checks at a bank and their processing by the bank. During this time, the *money is available to neither payer nor payee … Auditor's dictionary
Federal Reserve float — Float is checkbook money that appears on the books of both the check writer (the payor) and the check receiver (the payee) while a check is being processed. Federal Reserve float is float present during the Federal Reserve s check collection… … Financial and business terms
Cheque — A Canadian cheque … Wikipedia

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