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Cheques 'more certain than before'
22 February 2008
Consumers can be more certain of when money will appear in their current or savings accounts, since the introduction of the so-called 2-4-6 changes, according to the Association of Payment Clearing Services (APACS).
The changes, which came into effect on November 7th last year, set a time limit of two, four and six working days for each stage of paying a cheque into a current or basic account.
The new rules apply to cheques, bankers' drafts, bankers' cheques and building society cheques.
A spokeswoman for APACS said: "With cheques now you also have more certainty, which you didn't have before. It came into effect in November; you have a strict time frame now – after that point you know the money is yours and that's a big benefit for the businesses that use them quite heavily."
However, the use of cheques is decreasing.
Having peaked in 1997, the use of business-to-business cheques has rapidly declined with the introduction of electronic and automated payment systems.
