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 Faster bank transfers under way in UK....

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Tommo Shanter
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Joined: 13 Jan 2006
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PostPosted: Tue May 27, 2008 1:55 pm Reply with quoteBack to top

Article from the BBC website

http://news.bbc.co.uk/1/hi/business/7417303.stm

The last paragraph is interesting...

Quote:
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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Eight
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Joined: 11 Sep 2004
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Location: UK


PostPosted: Tue May 27, 2008 2:37 pm Reply with quoteBack to top

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. Laughing

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