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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.
_________________ £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
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Eight Retired Moderator
Joined: 11 Sep 2004
Tue May 27, 2008 2:37 pm
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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