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Mixed information regarding cheque clearance

The Banking Code Standards Board has released a damning report on the UK banking industry and cheque clearance. After carrying out a mystery shopper exercise the board revealed that more than half of UK bank staff were giving out misleading information regarding the clearance of funds transferred by cheque. The results of the survey are worse than those seen in 2008 and are causing great concerns within banking circles.

In essence it takes six days from a cheque to clear and even on six days a cheque can bounce and be reclaimed from the payee's account. As it happens the use of cheques has fallen dramatically in the UK over the last few years, replaced by debit cards, credit cards and other flexible friends. However, those who still depend upon cheque clearance for their salaries and other income may well be losing out on significant interest due to the misleading information.

The Internet has opened up a whole new array of information for UK consumers now with banking regulations, guidelines and information to hand 24 hours a day seven days a week. For those unsure as to whether the information they are receiving is correct or not, a quick check of the various banking regulatory websites will clarify the situation.

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