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Faster clearance ???
I believe the Swedish government, under similar circumstances some years ago, gave their banks an ultimatum : instant credit of cheques or else !
hey presto ! cheques paid in to a bank in Sweden are credited immediately provided funds are available in the payer's account.
What use are our qangos and ministries ?
4 days?!
I thought the standard time for a cheque to clear was already 4 days. Why does it take so long? Along with the announcement from First Direct today (incidentally the press knew before their own customers by the sounds of it) to start charging their customers £10 per month if they don't pay in over £1,500, this is just adding to my annoyance at banking practices. Argh!
Tail wagging dog?
"the watchdog ... conclud[ed] that there is "no case for a complete rebuild of the cheque clearing system". It said cheques have seen a rapid decline in use over recent years"
Might it not be the case that cheques are in decline precisely because the clearing system is so useless? The OFT is missing the point: reform the clearing system and people will start using cheques again.
4 days?
Four days is quite some time to clear a cheque. I know they have to check that funds are available, but in an electronic age 4 days is painfully slow, and I'm already on a better deal than that. Barclays allow you to withdraw up to £1k on a cheque as you pay it in. If it bounces, then you get charged the relevant fees. Otherwise there's no issue.