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.
- posted
17 years ago