Agreement reached on clearing cheques fast but not till nov 2007 so no more up to 10 days clearance that some insist on. Reduced time as well for them to be able to reject a cheque even if youve used the funds. Same date will see instant clearances for telephone banking, standing orders and internet banking transfers. Wouldnt be surprised if they found a way to charge customers for this "enhanced" service though. I bet the only reason they have agreed to clearer rules on cheque clearances is because cheques are fast becoming obsolete.
New cheque clearance rules
Nov 14, 2006
1 Replies
Cheques do seem charmingly antiquated. Some consumer groups made a fuss about this some time ago, but the amount of money lost to consumers is negligible so banks are probably not too bothered.
Nor does it help us with the most troublesome feature of cheques: more than any ofther item of mail, they have an amazing propensity to get lost in the post..!
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