Cheque question. grrrrr

kittykat100

:mad:

Can anyone tell me why it takes 5 days in this day and age for a bloody cheque to clear!!!!!

Grrrrrrrrr

Kittyx

Lokolo

Because it's in paper form.

mrjam

Funny isnt it, early 1900's it took 3 days, now in 2010 it takes 5, makes me laugh.

kittykat100

Thanks...


But surely it is still just a matter of typing in the account details of recipient and giver?? Surely it can't be THAT hard!

Kittyx

mrjam

No, cheque still goes manually by post through processing centres & banks, hence the clearing cycle.

PC_Gabriel_Kent

If you want it instant do CHAPS or Faster Payments!

Starrystarrynight

Used to work in a high street bank a few years ago and I used to explain it as
Day 1 - paid in at the payee's bank
Day 2 - at clearing (was London at the time)
Day 3 - present at drawer's branch
At the time, banks used to allow an extra couple of days before allowing the payee to draw the funds, just in case the cheque was returned unpaid in the post.

medic1978

What's a cheque?

stclair

Starrystarrynight wrote: »

Used to work in a high street bank a few years ago and I used to explain it as
Day 1 - paid in at the payee's bank
Day 2 - at clearing (was London at the time)
Day 3 - present at drawer's branch
At the time, banks used to allow an extra couple of days before allowing the payee to draw the funds, just in case the cheque was returned unpaid in the post.

The animated version of the above Im a fan a shelley and bob lol

http://www.chequeandcredit.co.uk/files/candc/flash_files/candc_animationv6.swf