royal wedding could delay cheque clearing by 2 WEEKS??

brightonman123

http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=531615&in_page_id=7&expand=true

Evilm

Its amazing that no one (except DWP amazingly!) apparently picked this up to report on before Easter and yet its now all over the place!

We've had 4 working days bank holidays since the 21st April so a BACs or a cheque has only been in the system for 2 real days if it was posted after close of business on the 21st (as in 26th and 27th). Therefore a BACS sent on the 21st should be available funds on the 28th.

For information DWP worked this out and anyone signing on this week actually had their payment released on the 21st to ensure no one was left in a bad situation due to the delays.

For reference: There is another thread on this from the newsletter here : http://forums.moneysavingexpert.com/showthread.php?p=43142000#post43142000

blueberrypie

The royal wedding is only going to make a difference of one working day. The delays are due to a combination of the public holidays over Easter and the early May bank holiday, which has resulted in four bank holidays close together and only three working days in that space of time when usually there would be seven.

brightonman123

and who uses cheques now, anyway? most shops want the debit card swiped as a 'guarantee', so whats the point?

pmduk

Nobody has said there will be a two week delay, only that it may take up to two weeks for cheques to clear. The Royal Wedding will only have added one day to the clearing cycle, as does any bank holiday.