http://banklawblog.wordpress.com/2007/10/01/changes-to-the-clearing-process/ An idiosyncratic selection of news in the world of English bank law. Wed, 11 Nov 2009 11:12:37 +0000 http://wordpress.com/ hourly 1 http://banklawblog.wordpress.com/2007/10/01/changes-to-the-clearing-process/#comment-1386 Do banks understand the clearing cycle? « Bank Law Blog Fri, 22 Aug 2008 13:17:52 +0000 http://banklawblog.wordpress.com/2007/10/01/changes-to-the-clearing-process/#comment-1386 [...] Law Blogger posted on 2-4-6 in November [...] [...] Law Blogger posted on 2-4-6 in November [...]

]]> http://banklawblog.wordpress.com/2007/10/01/changes-to-the-clearing-process/#comment-1132 2-4-6: cheque clearing « Bank Law Blog Thu, 29 Nov 2007 08:48:52 +0000 http://banklawblog.wordpress.com/2007/10/01/changes-to-the-clearing-process/#comment-1132 [...] 2-4-6: cheque clearing APACS have announced that from 30 November 2007, changes to the cheque clearing process will come into effect.  The changes, known as 2-4-6 are designed to benefit any person who accepts a cheque, banker’s draft or building society cheque.  The Cheque & Credit Clearing Company have issued a set of FAQ’s.  The changes will apply to all cheques paid in to major banks and building societies in the UK with effect from 30 November 2007. The changes provide certainty that the cheque (etc.) has cleared after the elapse of six days and that the funds cannot be clawed back out of the recipient’s account if the cheque should subsequently bounce. Customers can expect to earn interest on funds in their account no later than two working days after paying in a cheque (or if the account is overdrawn, the balance is reduced no later than two working days after paying in a cheque for the purpose of charging overdraft interest).   Banklawblogger mentioned before that this was in the offing, here. [...] [...] 2-4-6: cheque clearing APACS have announced that from 30 November 2007, changes to the cheque clearing process will come into effect.  The changes, known as 2-4-6 are designed to benefit any person who accepts a cheque, banker’s draft or building society cheque.  The Cheque & Credit Clearing Company have issued a set of FAQ’s.  The changes will apply to all cheques paid in to major banks and building societies in the UK with effect from 30 November 2007. The changes provide certainty that the cheque (etc.) has cleared after the elapse of six days and that the funds cannot be clawed back out of the recipient’s account if the cheque should subsequently bounce. Customers can expect to earn interest on funds in their account no later than two working days after paying in a cheque (or if the account is overdrawn, the balance is reduced no later than two working days after paying in a cheque for the purpose of charging overdraft interest).   Banklawblogger mentioned before that this was in the offing, here. [...]

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