Forum Topic

Can anyone enlighten me...

as to why banks still take 3-5 days to clear cheques or even debit card payments?I thought the whole idea of electronic banking and all the micro chip and computer nonsense of the last 20 yrs was supposed to speed things up.It takes as long,if not longer,than it did 30 yrs ago.

Keith Iddon ● 6477d4 Comments

Lynn,It doesn't appear we are anywhere near that point yet!

Keith Iddon ● 6476d

You've got to be joking, Keith.  Banks have thier own agenda & as a business, I understand they have to make money but they are making billions & are screwing the customer further for even more.  There must be a point where a business, any business, can no longer get away with it?

Lynn Clark ● 6476d

Silly me...thinking it was my money and I was employing them to keep it safe for me,not from me!

Keith Iddon ● 6477d

Simple really Keith.  As soon as your payee banks your cheque, it ceases to be your money.  It becomes the payee's money 3-5 days later, when the cheque clears.  Throughout the intervening period it's the bank's money.Multiply this by several million customers and that's a lot of money the bank "owns" at any given time.The advent of the new technology to which you refer has only served to make the scam more obvious.

Phil Andrews ● 6477d