Changes to cheque clearing times

From the 30 November 2007, changes to cheque clearing times known as 2-4-6 (for current accounts) and 2-6-6 (for savings accounts) will come into force. These will increase clarity and certainty when paying in cheques to a building society or bank account.

For the first time, after paying in a cheque, consumers can be sure that at the end of six working days, the money is theirs.  They are protected from any loss if the cheque subsequently bounces, unless they are a knowing party to a fraud.

The changes also set maximum times when customers start earning interest on money paid in and when it will be available for withdrawal.  For savings accounts this is after two days and six days respectively.

More information of these changes can be found at the link below -