Cheque clearing

[Dixie68]

Why does it still take five days for a cheque to clear? This isn't a rant, I'm just shocked that it takes so long - is there a valid reason?

[Thom987]

http://ask.barclays.co.uk/help/day2day_banking/che...

[mcflurry]

Dixie68 said:

Why does it still take five days for a cheque to clear? This isn't a rant, I'm just shocked that it takes so long - is there a valid reason?

So that you can write a cheque a couple of days before payday, knowing it won't clear until afterwards?

[sinizter]

mcflurry said:

So that you can write a cheque a couple of days before payday, knowing it won't clear until afterwards?

I think the money is taken out of your account, but not credited to the deposit account.

[davepoth]

Dixie68 said:

Why does it still take five days for a cheque to clear? This isn't a rant, I'm just shocked that it takes so long - is there a valid reason?

Banks don't like cheques - the infrastructure is very expensive compared to online banking and EFT, which is very cheap. So banks have had no reason to improve the cheque service.

[mph1977]

davepoth said:

Banks don't like cheques - the infrastructure is very expensive compared to online banking and EFT, which is very cheap. So banks have had no reason to improve the cheque service.

basically and in a nutshell ...