Cheque Clearance Times For UK

[pacwebhosting]

Hi All,

 

New rules apply!

 

http://www.theregister.co.uk/2007/11/28/cheque_clearance_changes/

 

"Online retailers and eBay sellers are advised to keep abreast of new cheque clearance rules that come into force in the UK on 1 December, or risk a heightened threat of becoming victims of fraud.

 

The new 2-4-6 cheque clearance rules mean that payment by cheque is not guaranteed until the seventh working day after a cheque has been presented to a bank for payment. This means that even if a payment looks to have cleared an account on day 4, the money is not safe until close of business on day six."

 

 

Regards

 

Paul

[othellotech]

New rules apply!

Not really. If you bank a cheque and 3months later the account holder complians to the bank that the book was stolen and the cheque not authorised, they can still pull the money back from your account. Even BACS and APACS payments can be recalled by the sending bank for upto 5 working days after they've effectively "cleared" into your account.

[pacwebhosting]

Not really. If you bank a cheque and 3months later the account holder complians to the bank that the book was stolen and the cheque not authorised, they can still pull the money back from your account. Even BACS and APACS payments can be recalled by the sending bank for upto 5 working days after they've effectively "cleared" into your account.

 

""The new 2-4-6 rules give a guarantee that on day seven a retailer or member of the public can dispatch goods with the certainty that the money is cleared funds in their bank account, and can not be clawed back unless the payee is a knowing party to fraud," said Andrew Goodwill, director of anti-fraud service 3rd Man. "I await the day when we receive this type of guarantee for credit card payments," he added"

 

Only if you accepted the cheque knowing it to be fraud otherwise new rules apply!

 

Paul