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entwisi · 24-11-2006, 13:37

The Government has announced changes to the cheque clearing process, due to come into effect next November. The key measures are:

Cheques will count against overdrafts and earn interest no later than two working days after deposit
Customers will be able to withdraw funds no later than four working days after deposit
Banks won’t be able to take back money deposited by cheque later than six working days after deposit, unless fraud is involved.

One thing I noticed though is teh number of businesses that no longer accept cheques, most petrol stations don't and I noticed a sign in WHSmith saying they too wouldn't be accepting them shortly. Is this teh end for teh humble chequebook?

24-11-2006, 13:37	#1
entwisi God Member Join Date: Apr 2004 Location: Up Bash Posts: 7,827 Blog Entries: 3 Liked: 44 times Rep Power: 4390	cheque clearing news The Government has announced changes to the cheque clearing process, due to come into effect next November. The key measures are: Cheques will count against overdrafts and earn interest no later than two working days after deposit Customers will be able to withdraw funds no later than four working days after deposit Banks won’t be able to take back money deposited by cheque later than six working days after deposit, unless fraud is involved. One thing I noticed though is teh number of businesses that no longer accept cheques, most petrol stations don't and I noticed a sign in WHSmith saying they too wouldn't be accepting them shortly. Is this teh end for teh humble chequebook? __________________ Ian Technical God, No 1 Geek And Linux Guru Have you seen my Flickr pictures?