Uswitch comments on reduction of cheque clearing time to one working day
Commenting on the announcement from The Cheque and Credit Clearing Company (C&CCC) that clearing time will be reduced from ‘six weekdays’ to ‘next weekday’ from 30th October 2017, Tom Lyon, money expert at Uswitch.com, said: “It’s great news that cheques are finally catching up with the way people bank and the ‘six working day’ waiting game will be a thing of the past. Clearing cheques faster is an important step to give the consumers who depend on them a more up to date picture of their finances. Although the use of cheques is on the decline, many people still use them to make payments on a day-to-day basis – over 500 million cheques were written last year alone.
“While decreasing clearing time is an important move to make cheques more relevant to modern banking needs, banks still need to make the cheque deposit process easier. This is particularly true as consumers continue to use branches less frequently. We’d like to see more financial providers follow the lead of banks like Barclays and introduce technology that allows customers to securely deposit a cheque through their banking app, simply by taking a photo of it.”
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