Cheque it out

I’ve just discovered, as many other people will, no doubt, have done before me, that a cheque takes six full banking days to clear and that Saturday is not counted as a banking day.

The change from three full banking days was made, apparently, because of cheque fraud and this will have been put forward as the banks looking after their customers’ interests. I do doubt that.

Firstly, I’m told that American banks have a way of dealing with this kind of fraud but can still process cheques almost immediately.

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Secondly, holding on to money sent by cheque for six full days allows banks to trade it to their advantage and boost their profits.

We, the customers, are powerless to prevent this exploitation. It’s yet another example of the banking system being above the law. When is the government going to control the piratical banking system we are all subject to?

Lovina Roe

Glasgow Road