"Clearing rules" refer to procedures for the transfer of money between financial institutions, enabling debit/credit transactions such as payment by cheque or direct deposit. The Canadian Payments Association (CPA) operates the Automated Clearing Settlement System (ACSS) to facilitate this process of moving funds between accounts at different financial institutions. The ACSS Rules set out current procedures and replace all former CPA rules on cheque clearing. Archived copies of the old rules may be obtained by contacting the Canadian Payments Association.
The Canadian Payments Association By-Law No. 3 - Payment Items and Automated Clearing Settlement System (SOR/2003-346) governs the exchange of payment items and the application and operation of the ACSS. This by-law came into force on October 23, 2003 and repeals By-Law No. 3 - Clearing By-Law published on January 15, 1983 in the Canada Gazette, Part I (available in the Vancouver Courthouse Library).