The banking industry introduced the 2-4-6 sterling cheque clearing timescales for customers in November 2007.
As a result, customers can be confident that at the end of six working days after paying a sterling cheque or banker’s draft in to their bank account that the money is theirs and they are protected from any loss, even if the cheque subsequently bounces or if it turns out to be fraudulent. The funds cannot be reclaimed without their consent unless they are a knowing party to fraud. The information on the cheque clearing timescales is set out for you in the terms and conditions of your account. Provided you have kept to the terms and conditions of your account, an innocent victim will be protected from fraud.