2-4-6 changes to cheque clearing
The 2-4-6 changes set a maximum time limit of two, four and six working days for each of the stages after paying in a cheque to a current or basic bank account. The changes cover cheques, bankers' drafts, bankers' cheques and building society cheques paid in to sterling current and basic bank accounts.
For savings accounts the maximum time limit for withdrawal is longer (6 days, rather than 4).
Benefits for businesses and consumers
From the end of November 2007, changes known as 2-4-6 will come into force. These will increase clarity and certainty when you are paying in cheques to a bank or building society account.
For the first time, after paying in a cheque, you can be sure that at the end of six working days, the money is yours. You are protected from any loss if the cheque subsequently bounces, unlessyou are a knowing party to a fraud. The changes also set maximum times when customers start earning interest on money paid in and when it will be available for withdrawal.
How to find out more
We've produced some information and guides to explain how the 2-4-6 changes will work and the benefits for both businesses and consumers.
To find out more follow the links below:
Benefits of 2-4-6 for consumers
Benefits of 2-4-6 for businesses
If you are an agency bank and would like to find out more you should speak to your contact at your settlement member.