Benefits for consumers

When you pay in a cheque these changes help provide clarity on:

1. When your account will start to earn interest on money paid in by cheque or when the balance on which overdraft interest is charged will be reduced, if your account is overdrawn.
2. When you will be able to withdraw the money paid in by cheque from your account.
3. When money has safely cleared with no chance of it being reclaimed without your consent, unless you are knowing party to fraud.

The following free free resources are available tp help you understand what happens when you pay in a cheque:

1.  The cheque checker - will enable you to calculate when you will get interest, be able to withdraw and be sure that the money from your cheque has safely cleared.  
2. Consumer leaflet - consumer advice on changes to cheque clearing times.
3. Animated guides to the 2-4-6 changes (current and basic accounts) and 2-6-6 changes (savings accounts) to cheque clearing.