- 03
- Dec
- 07
Last week saw the banking industry implement some overdue changes to the way cheques are dealt with by banks.
In the past, if a cheque turned out to be a forgery, banks could recoup the money from a customer’s account. This could happen weeks or months after it had initially been paid in.
The changes have been put in place to better protect the customers against the growing problem of forged cheques.
The Office of Fair Trading (OFT) has been pressuring the banking industry for some time calling on them to clarify the banking system surrounding cheques and clearing processes.
A spokeswoman for banking payments body Apacs said: “The big change concerns certainty of funds. It’s only in the last few years that it has become an issue due to organised gangs getting into cheque fraud.”
Additionally, banks now have a maximum time frame within which they have to credit cheque payments to people’s bank accounts.
The changes mean that:
• Any cheques paid in by customers will now be considered cleared no later than six days after being paid in
• Interest will be credited no more than two working days after the cheque is paid in
• The money paid in by cheque must be available for spending after no more than four working days
These are now guaranteed limits according to the Cheque and Credit Clearing Company; however, it is likely that individual groups will compete to offer faster services.
Note: Comment moderation is enabled. Your comment will not appear until approved.
Recent Entries
- Increase in 0% purchase offer on the Capital One Low Rate Balance Transfer Credit Card
01 Sep´08 - Changes to the Capital One Platinum Credit Card
01 Sep´08 - Low APR until August 2012 with the Capital One Low Rate Credit Card
01 Sep´08 - 16 months 0% balance transfer offer with the Capital One Balance Transfer & Purchases Credit Card
01 Sep´08 - NEW Tesco Car Insurance offer - £40 off shopping or fuel when you buy
28 Aug´08
Recent Comments
£100 for switching to Alliance and Leicester Premier Current Account
Sarah B said: This is a great offer, i've just applied for one and got my mum and dad too - get an extra £25 for r...
[More]
Market leading credit card offer from Capital One
meringue87 said: Wow!! what a great offer from Capital One! It's been a long time since a credit card company have of...
[More]
Poll results – 50% think credit card offers have deteriorated over past two years
meringue87 said: I think they have definitely got worse over the last couple of years but they seem to be picking up ...
[More]
Keeping your garden safe through the summer months
Disco said: After reading this article I have now checked the content of my garden and found that with the addit...
[More]
Do you know the ATM etiquette?
Sam said: This is good advice. I can't stand it when people get too close to me when using the ATM!
[More]
Comments...
There are no comments for this entry.