Ppi refund cheque

amstel2

Hello

Received a cheque for PPI compo off a former credit card. I haven’t paid a cheque into the B/S for ages & was amazed to find in this digital /faster payments age it still takes 7 days to clear. The guy behind the counter might as well have had a tall hat & a quill pen. Is this right & does anyone know why B/S (s) still cling to this.

Thanks

Nearlyold

A cheque isn't digital, its still a partially manual paper based system. The B/S doesn't want to give you the cash until they are pretty sure the cheque isn't going to come bouncing back

welshgasman

For normal banks it should be 3 days to clear, but B/S take longer for some reason?

dunstonh

was amazed to find in this digital /faster payments age it still takes 7 days to clear.

A cheque is not digital. It is a physical piece of paper. It has a journey to go through.

The guy behind the counter might as well have had a tall hat & a quill pen.

Don't knock cheques. They still have a place.

Is this right & does anyone know why B/S (s) still cling to this.

Why spend billions of pounds changing a system that is in decline?

For normal banks it should be 3 days to clear, but B/S take longer for some reason?

Some building societies use a bank to clear their cheques rather than having their own clearing houses. So, they have extra hops involved.