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Cheque clearance
Comments
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YorkshireBoy wrote: »I thought it was a relatively new (Nov 2007) system?
Aren't some clearing on a 2-6-6 system still?
No it's not a new system. Coop has had it for years0 -
No it's not a new system.
As YorkshireBoy correctly says - it is a new system. Introduced in Nov 2007.
It set maximum times - for current accounts - for (2) interest to be paid (4) funds to be available and ...... crucially (6) :-For the first time, after paying in a cheque to a UK sterling current, savings or basic bank account you can be sure that at the end of six working days, the money is yours. You're also protected from any loss if the cheque subsequently bounces, unless you are a knowing party to a fraud.
Whilst some Banks may have met the first two criteria - even bettered them - none met the final condition.If you want to test the depth of the water .........don't use both feet !0
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