Guaranteed cheque clearance times
The way cheques are cleared at the bank is changing so they will clear with certainty six working days after they have been deposited.
The changes, which come into force on 30 November, will benefit anyone paying in a cheque or banker's draft, because they guarantee the money will be paid in after six working days. That applies even if a cheque then bounces.
The new scheme is called 2-4-6 and aims to clarify the situation surrounding cheque usage by providing maximum time limits, APACS, the UK payments organisation, said.
