lollipop is the payee here so doesn't have much choice in the matter of the payer using a cheque.marksa said:Why O Why use a cheque at all? Using Credit Transfers is far quicker.
Normally on Day 2 the money leaves the drawers account. Why does it take 3 days to reach the payees account? 3 days of interest for the bank me thinks.homerjay said:I dont work in a bank but this is the wau it was explained to me
Day 1 Cheques are bundled together to be brought to the clearing house of the bank the next day
Day 2 Cheques are brought from the banks clearing house to the overall clearing house
Day 3 Cheques are exchanged between the different banks at the clearing house
Day 4 Cheques are brought back to the banks clearing house and divided amount branches
Day 5 Cheques arrive at each branch and are then credoit to accounts
ClubMan said:lollipop is the payee here so doesn't have much choice in the matter of the payer using a cheque.
homerjay said:I dont work in a bank but this is the wau it was explained to me
Day 1 Cheques are bundled together to be brought to the clearing house of the bank the next day
Day 2 Cheques are brought from the banks clearing house to the overall clearing house
Day 3 Cheques are exchanged between the different banks at the clearing house
Day 4 Cheques are brought back to the banks clearing house and divided amount branches
Day 5 Cheques arrive at each branch and are then credoit to accounts
ClubMan said:Interesting - I have never received a refund from Revenue other than by cheque. Maybe this is peculiar to backdated TRS?
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