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Dazman | Can anyone tell me!? |
Why in this day an age, of payments and receipts being instant, that a Chq Still can take 6 days to clear?
i know checks have to be done but 6 days, surly this is just a ruse by banks to rip us comsumers off! |
 |
 
Nemesis
|
Yes - I regret to confirm it's one of the biggest scams/ruses the banks play with your money.
Truth is - the chief cashier must balance the books - settle up - before he or she can go home and have a relaxed night's sleep.
Thus - if the daily records (of millions of ins and outs) show a deficit - he or she has to
borrow the difference - perhaps half a million - or more, if it's been a bad day at the office.
'Overnight borrowing-lending rates' don't come cheap. The effective APR would bring tears to your eyes.
Net result is - it's all to the good of the bank to delay encashment of cheques - for 24, 48 or even 72 hours. Saves them money.
And of course - the bank hasn't quite found
the time, interest or credit - to reward early settlement of your dues.
Overnight credits go to their coffers - not yours.
It's all a bit scandalous - as you quite correctly point out - in this day and age of instant ins and outs - but as ever was - the Piper plays the tune - and we can only hope authorised watch-dogs keep an eye on it.
Even the wunch of bankers cease trading - for 24 hours - over Yuletide - so have a good glass of wine - and come out boxing the following day. |
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Croxx
|
Your assumption is right - it is a rip off. |
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Suburban
|
Its a hot subject. Money going through the "System" is used to shore up credit in other areas, within the monetary system.
It capitalism in action |
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paul m
 |
your right, just imagine how many cheques are paid into bank
and building societys in the UK on any given day. 6 days interest they will save £££££££££££££££££££'s |
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Steve B
 |
It's a vain attempt to combat fraud .. 5 days is long enough to ensure the cheque won't 'bounce' on a UK bank .. but it does not stop the typical 419 Scam ..
This is how it works .. you receive a Cheque drawn on a foreign bank from your 'friend' (usually in Nigeria) for (say) £10,000 ... you deposit this at your Bank ... it takes longer that 5 days for the cheque to be returned to the foreign Bank, so your bank is trusting the cheque is OK ...
You keep your 'commission' of £1,000 and send off £9,000 to your 'friend' by Western Union ..
Some time later the Cheque is physically returned to your 'friends' Bank in Nigerian. It is either an almost 'undetectable' forgery OR he (or his 'mate', or perhaps a bank official that has been bribed) who is working in the Nigerian Bank throw up their hands in horror ... "a fake cheque" they proclaim .. and promptly reverse the transaction with the UK Bank ..
And the really good trick ??? You and your 'friend' can be the SAME PERSON !
Now try to guess who ends up £9,000 short ???
.. and now you know why it is so difficult to open a UK Bank account |
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Gemma T
 |
The only real benefit of a cheque is that they do take the extra time to clear - gives you a chance to transfer some cash into your account, or so you can get stuff before pay day! |
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Grace
|
My bank Abbey takes three days to clear. Maybe you should switch to there. |
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Emma W
|
mine take 8 days (yikes) |
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hak
 |
It takes 5 working days, but a way to overcome the problem is to bank the cheque in your account that is the same provider as the cheque given to you. i.e Someone gives you a HSBC cheque. If you bank it at Lloyds TSB, it will take 5 working days (different banks and communications etc) HOWEVER, if you ank it at HSBC, it will take 2 working days as its all done in house. Open up a bank account with every bank - bit of a hassle, but at least cheques clear sooner and then just move the cash manually. (If you use online banking between banks, it will take 3 working days, if done within same bank, immediately!) |
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