New regulations for cheque clearing ? (Were due November this year)

egamar

Much earlier in the year various Money TV and radio programmes were talking about a change in cheque clearing regulations to come into effect this November.

The 'full monty' deal has, I understand, been postponed to next year, but I am most interested in how long it takes a cheque to be 'completely honoured', i.e. with zero risk to the payee of having the funds recovered many months later.

What I'm really looking for is official information from the regulatory bodies (FSA/BBA/XYZ) not opinions or commentary (sorry, that sounded rude, it wasn't meant to be, but I don't want to set the hares running on a wild goose chase and have someone shoot my fox) I've obviously looked on the BBA site, but their consumer information is patronising and sparse, and the FSA site is frankly confusing for an old guy like me.

So, if I haven't offended everyone who's read this fart: thankls for any pointers

Note: I am NOT referring to the "standard" 5 - 6 days before you can withdraw the cash, I am talking about the issuing bank's ability to recover the funds even after that period (an example being that the signature on the cheque has been forged by - say - the issuer's lodger - the issuer gets their money back from their bank who gets it back from your bank who gets it from you - 6 months later). Please don't trouble yourselves to discuss this example - it's not my question per se and there may be hundreds of reason it is wrong!

gt94sss2

Cheque Changes Explained from APACS - is that what you want?

Regards
Sunil

egamar

Spot on, that man! Thanks a bunch for that.

http://www.apacs.org.uk/media_centre/press/08_14_07.html is where it says part or all is delayed until May 08. I shall have to check the "Working Lunch" site for updates, I guess!


The reason I ask is that I'm trying to sell/auction a load of stu8ff to raise some funds to the local dogs' home (http://www.leicesteranimalaid.org.uk/), but I don't trust PayPal ..... so it's cheques or PO's or BACS or cash, and I wanted to make sure I knew when the cheque-money was mine (or theirs, rather).

gt94sss2

As per this press release, the changes to cheque clearing are still happening this year.

Its only the electronic transfers that have been delayed until next May..

Regards
Sunil

egamar

I don't suppose you'd care to hazard a guess as to how I missed that? D'oh!

Mikeyorks

egamar wrote: »

.....confusing for an old guy like me.

So, if I haven't offended everyone who's read this fart ......

It's normal to insert the 'old' just before the 'fart'?????:p

..... but pleased the question was answered nevertheless.