"To clear a check" means that the money written on the check is transferred from the payer's account to the payee's account successfully without any issues or problems. Full definition
You can check balances, see copies of cleared checks, transfer money between accounts, make loan and credit card payments, apply for a loan and open savings accounts. (frankenmuthcu.org)
The reason why banks use this formula for clearing checks is that they assume that the larger checks are the most important payments, i.e. car loans, mortgages. (starloanservices.com)
I was clearing the check engine light and noticed this. (humblemechanic.com)