FabSwingers.com forum: Why do cheques take so long to clear ?

By (user no longer on site) OP
over a year ago

Isn't is silly, in todays space age life that we still have to wait 4-5 days, sometimes longer, for a bloody cheque to clear into our bank account ?

I pay quite a few cheques into the bank from a company to which I subcontract, the cheque is drawn on the same bank as my own, but the account is held in a different branch, however the cheque often clears within 12hrs, so it is possible to do.

On the other hand, a cheque drawn on a different bank takes forever.

Is this just another cunning way to allow the banks to hold your money in no mans land for a few extra days, thus gaining them more interest, or is there another less sinsister reason ?

By (user no longer on site)
over a year ago

the longer the money is in a said account , the more interest they make

( the bank that is not the account holder )

By (user no longer on site)
over a year ago

whats a cheque....i aint seen my cheque book since the year dot

By (user no longer on site) OP
over a year ago

"the longer the money is in a said account , the more interest they make

( the bank that is not the account holder )

So in essence what you are saying is that the banks are a bunch of immoral, greedy, robbing ba&tards ?

Not that I want to put words in your mouth

By (user no longer on site)
over a year ago

my cheques have to wait for the invisible ink to dry