Cheque clearing
Author
Discussion

Dixie68

Original Poster:

3,091 posts

203 months

Saturday 27th August 2011
quotequote all
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

3,185 posts

182 months

mcflurry

9,179 posts

269 months

Saturday 27th August 2011
quotequote all
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

3,348 posts

202 months

Saturday 27th August 2011
quotequote all
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

29,395 posts

215 months

Saturday 27th August 2011
quotequote all
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

12,467 posts

184 months

Sunday 28th August 2011
quotequote all
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 ...