Accrington Web - View Single Post - Why does it take 3 days to clear a cheque?

Gayle · 15-05-2009, 08:56

In the old days I fully understand that 3 days to clear a cheque was reasonable

1 day to post the cheque to the right bank
1 day for them to process and authorise payment
1 day to return it to the presentees bank and the money to go in the account.

But now - a transaction can be done at the drop of a hat - surely a bank can do this quicker than three days.

I was once told that when cheques were processed, the middle day was when the money was sort of floating around in banking ether and the banks were using it for investment to make profit. That's fine, but surely even if they wanted to do that they could still process it in a day or two, but not take three. They hold our money to ransom for three days now.

For example, i wanted to transfer some money from one account to the other on the internet. I could see both accounts on screen. Yet for three days, the money isn't in either of my own accounts. Can this be right?

15-05-2009, 08:56	#1
Gayle God Member Join Date: Mar 2005 Location: Relaxville Posts: 6,866 Blog Entries: 69 Liked: 13 times Rep Power: 2864	Why does it take 3 days to clear a cheque? In the old days I fully understand that 3 days to clear a cheque was reasonable 1 day to post the cheque to the right bank 1 day for them to process and authorise payment 1 day to return it to the presentees bank and the money to go in the account. But now - a transaction can be done at the drop of a hat - surely a bank can do this quicker than three days. I was once told that when cheques were processed, the middle day was when the money was sort of floating around in banking ether and the banks were using it for investment to make profit. That's fine, but surely even if they wanted to do that they could still process it in a day or two, but not take three. They hold our money to ransom for three days now. For example, i wanted to transfer some money from one account to the other on the internet. I could see both accounts on screen. Yet for three days, the money isn't in either of my own accounts. Can this be right? __________________ The views expressed within this post are mine and mine alone.