[WillowTheWhisp]

I think perhaps some people don't understand how a cheque clears.

There isn't someone in a one size fits all clearing centre sitting on it for a few days and then letting it go. It travels from 'A' to 'B' to 'C' to 'D'. 'A' being your bank where you paid it in, 'B' being the clearing centre of your bank, 'D' being the bank it was drawn on (the bank of the person who gave you the cheque) and 'C' being the clearing centre of their bank. Then of course for a 'bounced' cheque there is the journey back to the bank where it was paid in.

It takes longer for a building society because they don't have their own clearing centre. They have to do it through a bank.

When I worked at the TSB we were the only bank then operating an OLRT computer system (on-line real time) so if anyone came in with a cheque drawn on another TSB branch the account was debited immediately and their account credited as if they'd paid in cash. It's still like this in the old TSB branches of Lloyds TSB and I presume the old Lloyds branches will now be on the same system. I don't know about any other banks.

I'm not sure how they plan to shorten clearing time and would be very interested to learn how it is to be done. Perhaps someone who currently works in a bank could enlghten us?