Float is the gap between which two moments, and whom does it benefit?

1. Float is the time between when a cheque is written and when the funds are deducted from the account of the writer. 2. During that window the money is still sitting in the account of the person who wrote the cheque. 3. Float therefore benefits the cheque writer, who keeps the funds until the cheque clears. 4. Clearing is the moment the funds are actually withdrawn, which closes the window. 5. Firms exploit this by banking where clearing is slow, keeping funds invested for several extra days. 6. Loan payout and note delivery involve waiting periods too, but neither is what float means in cheque clearing. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 15 "Understanding Money and Financial Institutions", section 15.2 The Federal Reserve System_