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Tommo Shanter
Baiting Guru
Joined: 13 Jan 2006
Posts: 5378
Location: Whom the gods would destroy, they first make mad. - Euripides
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Posted:
Tue May 27, 2008 1:55 pm |
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Article from the BBC website
http://news.bbc.co.uk/1/hi/business/7417303.stm
The last paragraph is interesting...
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After six days, a cheque is deemed to have cleared absolutely and so banks cannot recoup money from a customer's account if they discovered the original cheque payment was fraudulent. |
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_________________ £1,052,334.30 (=US$2,121,125.60) lads fake cheques out of circulation (at 11/6/2008)
x135 (at 26/9/2008) x138
"i see your not interested in the transaction but catching your fun, calling names and my muckery of me." - Usman Bello
"You need to visit a good psychiatrist very fast, because some nuts are missing from your brain." - PROF.SOLUDO
"...it is very important you forward the your cycling proficiency certificate which by right belongs to you." - Prof Charles Soludo.
"note i can still change my mind to blow you off and whenever" - T0ny 'The Killerman' Erik
YOUR GENERATION WILL ROAST IN ABSTRACT POVERTY,BASTARD IDIOT -Daniel Mensah
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Eight
Retired Moderator
Joined: 11 Sep 2004
Posts: 8710
Location: UK
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Posted:
Tue May 27, 2008 2:37 pm |
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The new bank procedures are for cash only, and are aimed at cutting out the 3 or 4 day wait while funds which had already been cleared were moved from one account to another. During the wait, of course, the banks made money and the customer(s) gained no interest in either account. The cheque rule was introduced last year, but since cheques are rapidly being phased out here, will not have a huge impact, imho. Not being able to recoup the fraudulent funds from a customer will not prevent banks closing accounts and/or reporting customers to the police, which seems to be happening more often in the US than (I thought) was previously the case.
And all this comes with the caveat that I am not a banking expert, although I know some people who are, and who may come along to point out the many and varied errors in this post. |
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