Cheque clearance time

[wedrum]

Why in this day in age does cheque clearance take 4 days

 

[McBain]

Good question. Probably so banks can keep hold of the cash for a few days extra..... ?

Thankfully cheques are mostly dead and buried.

 

[eddie101]

Why in this day in age does cheque clearance take 4 days

Why in this day and age do people use cheques?

 

[russell664]

Why in this day and age do people use cheques?

My Nan likes to use cheques. Just say'in

Something your not telling us @wedrum?

 

[Glanza]

For Cheques and balances eh eh eh, I'll see myself out.

 

[Greebo]

And thanks to the older generation refusing to stop using them we are stuck with cheques for another 10 years.

 

[ubersonic]

Why in this day and age do people use cheques?

Because that's how HP issue cashback ^^

 

[Jono]

Mine are usually cleared within 24 hours when I pay them into the machine.

 

[killsta]

Are you sure?

When I pay them in, the cash shows instantly in my account with a disclaimer that it's not 'cleared' for a few business days. Lloyds.

 

[Ace Modder]

Last cheque I got took 1 day to clear.

 

[[FnG]magnolia]

Why in this day in age does cheque clearance take 4 days

Because in this day and age, the issuing bank or the receiving bank don't want you and the other 4% of people* still using cheques to continue using cheques.


* NZ stat, YMMV.

 

[marc2003]

IIRC, some cheques will clear quicker if they're issued from the same bank your account is with but it's not standard. I certainly don't believe in 24 hours for all.

 

[ChrisD.]

Each bank is different and how they handle cheques from each bank.

Generally cheques for larger sums of money are cheaper to process than CHAPS payments, plus it's a pain for people to get to banks to pay them in that's why a lot of businesses still like them.