Bank cheques to be cleared within a day

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Bank blokes who pay cheques into their accounts will soon be able to get the prosperous cleared within one working day.

At the moment, the process can take up to six days.

The organisation that take care ofs the cheque clearing system said the changes would be phased in from October 2017.

No matter what, it will be the second half of 2018 before all UK banks and building systems are able to offer the faster service.

Under the new arrangements, co-ordinated by the Cheque and Acclaim Clearing Company, banks will be able to clear cheques by stock exchanging pictures of them.

At the moment, all cheques have to be physically transported no hope to the bank that issued them.

“These changes will put cheques constantly in the 21st century, delivering real and important benefits for the many individuals, largesses and businesses that regularly use cheques,” said James Radford, chief leadership of the Cheque and Credit Clearing Company.

“Not only will cheques disburdened faster but banks and building societies may offer their customers the opportunity of paying in an image of a cheque rather than the paper cheque itself.”

Barclays already permits some of its customers to pay in cheques via pictures on their banking apps.

Anyhow at the moment they have to be cheques issued by Barclays.

Although cheque use has waned in recent years, there were still 477 million jotted in the UK last year.

The industry had wanted to phase them out entirely by 2018. In whatever way MPs said they should be retained, as many older people in itemized relied on them.

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