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MSE News: Cheque clearing time to be reduced to 'next weekday'

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Legacy_user
Legacy_user Posts: 0 Newbie
edited 22 March 2017 at 3:30PM in Budgeting & bank accounts
An image-based cheque clearing system will be introduced that will cut the time it takes for money to reach your account...
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'Cheque clearing time to be reduced to 'next weekday''
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  • EarthBoy
    EarthBoy Posts: 3,058 Forumite
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    I'm surprised they've spent a lot of money on upgrading the system for an almost obsolete payment method.

    I remember that some people liked cheques precisely because they took several days to clear. They would write a cheque even when they'd no money in their account because they knew/hoped that by the time it cleared their wages would have gone into the bank. If anybody is still doing this they're not going to be happy when cheques start clearing in a day.
  • gt94sss2
    gt94sss2 Posts: 5,717 Forumite
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    This change has been a long time coming/anticipated - and has existed for years in several other countries. Some UK banks have been trialing it here for a while as well.

    The main reason it wasn't introduced here sooner - apart from the fact it needed a change in the law - was the previous expectation that cheques would be abolished.

    However, you can expect more bank branches to close as a result as its one less reason to visit a branch..
  • liviboy
    liviboy Posts: 550 Forumite
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    I still consider myself fairly young but I still love cheques! There's something really nice about them!
  • Former_MSE_Andrea
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    I only need them for school related events nowadays eg trips, parent association events. Looking through my chequebook there's nothing else I've used them for.
    Could you do with a Money Makeover?


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  • liviboy
    liviboy Posts: 550 Forumite
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    MSE_Andrea wrote: »
    I only need them for school related events nowadays eg trips, parent association events. Looking through my chequebook there's nothing else I've used them for.

    They're nicer when giving monetary gifts, better that than "please send me your account details" in a card.

    I also use them whenever possible because one day they will be gone for good.

    Cheques do still have a place...

    Schools in my local authority are trying to do away with cheque payments with them all going online through a third party company...the issue with that is they take a cut of 15% of every payment made, be it for lunches, trips, etc. So the cost of trips has been increased to cover this cost so everybody loses out!
  • mt99
    mt99 Posts: 472 Forumite
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    I like cheques because the person you give them to can't take any more. If you pay with your card details then they can start taking money anytime (yes I know you can get it back but it's still a hassle). For example, have a 'trial box of chocolates' and we will send you one each month until you cancel - would you pay by card or cheque for the trial box!
  • Shakin_Steve
    Shakin_Steve Posts: 2,740 Forumite
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    I have nieces, nephews etc. that live 200 miles away. A cheque in the cards is convenient for both me and them.
    I came into this world with nothing and I've got most of it left.
  • EarthBoy
    EarthBoy Posts: 3,058 Forumite
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    MSE_Andrea wrote: »
    I only need them for school related events nowadays eg trips, parent association events. Looking through my chequebook there's nothing else I've used them for.

    What does the school do if any of the cheques bounce? Not your cheques, of course, but cheques from other parents. You'd think the hassle of chasing up bounced cheques would have prompted the school to look into alternative payment methods, e.g. bank transfer, PayM, even PayPal.
    mt99 wrote: »
    I like cheques because the person you give them to can't take any more.

    They can't take anything at all if the cheque bounces. I'm surprised anybody still accepts cheques these days.
  • Shakin_Steve
    Shakin_Steve Posts: 2,740 Forumite
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    EarthBoy wrote: »
    What does the school do if any of the cheques bounce? Not your cheques, of course, but cheques from other parents. You'd think the hassle of chasing up bounced cheques would have prompted the school to look into alternative payment methods, e.g. bank transfer, PayM, even PayPal.



    They can't take anything at all if the cheque bounces. I'm surprised anybody still accepts cheques these days.
    Has this 'cheque guarantee card' thing stopped now?
    I came into this world with nothing and I've got most of it left.
  • alanq
    alanq Posts: 4,216 Forumite
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    Has this 'cheque guarantee card' thing stopped now?

    It ended in 2011.
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