After previous references to the cheque being phased out by 2018 in the UK, the Cheque Clearing & Credit Company has just released a nice explanation of the 2-4-6 rules, which is 2 days to clear and earn interest, 4 days to be available for spending and 6 days to be irrevocable for any cheque payment.
Here's the official blurb:
With market research confirming that consumer understanding of the cheque clearing process is still very low, the Cheque and Credit Clearing Company (C&CCC) has today launched an online film that helps explain the different stages involved in clearing a cheque.
The 'Animated Guide to the Cheque Clearing Process' is a two-minute film that clearly explains how a cheque is cleared – showing how, when and why cheques are moved around the country as part of this process – and what happens if a cheque ‘bounces’.
The market research revealed that although the 2-4-6 timescales have been in operation since November 2007, very few people understand how these work in relation to the cheque clearing process.
Only 10 per cent know when they can expect to earn interest on money paid in by cheque (which is no later than two days after paying it in) and just 23 per cent of cheque recipients can identify when they are able to withdraw money (no later than four days for a current account or six days for a savings account).
Over three-quarters of cheque recipients (78 per cent) thought that the time when they could be sure a cheque could not bounce was sooner than it actually is (it is at the end of the sixth working day after paying the cheque in).