Cheque Clearing Times

BenP-UK · 29 October 2017 at 8:30PM

Hey

I though it would be interesting to start a thread on the new cheque clearing system that is meant to start tomorrow (30th October 2017). Given that next day clearing was announced in March you would have thought a number of banks would be ready, but that does not seem the case. From my research of banks I deal with I have been told the following,

Natwest - Issued cheques can be processed quicker but credited cheques will still use the 6 day cycle until Mid 2018
Nationwide - Issued cheques can be processed quicker but credited cheques will still use the 6 day cycle until 2018
Metrobank - Issued & credited cheques will still use the 6 day cycle

I kind of get the feeling banks don't want this change!

robin58 · 29 October 2017 at 10:06PM

Well with possibility of giving a person of fraud a small window to get away with someone's savings I think the banks have a reason to drag thier feet.
Hopefully they are using the delayed time to make the transfer bombproof.

Personally I would be happy with a cheque still taking 6 days to clear. If it is that important to clear a cheque quickly, there are already well established ways of getting it cleared.