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Cheque clearance rule change from 1st December 2007
Author: Piers Parker
29th November, 2007
The banking industry have issued new 2-4-6 cheque clearance rules for cheque payment, which come into force on the 1st of December.
The new rules state that cheque payments are not 100% guaranteed until the 7th working day after the cheque has been presented to your bank for payment. The payment may show in your account on day 4, but the money is not 100% guaranteed to be yours until close of business on day 6.
Therefore merchants will be able to despatch goods on the 7th day, when the funds are fully cleared.
Entry Filed under: E-commerce News