Definitions for "Cleared Funds"
Cleared funds are funds that have actually been cleared through the banking system and are available for use. It is the cleared funds balance, if overdrawn, which is used to calculate overdraft interest.
sums which have been transferred through a payment clearing system, debited to the originator of the transfer, credited to the recipient and are available to earn interest.
Funds received by the exchange that have completed the banks' internal settlement process and have been allocated to a customer's account.