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by keithold is a prodigal bagger on February 1st, 2008

keithold is a prodigal bagger

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Why does it take banks days to clear a cheque?

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Answers. 4 helpful answers below.

  • by Spunts.answered 67 questions in 1 hour. on February 1st, 2008

    Spunts.answered 67 questions in 1 hour.

    the longer it takes,the better for the banks.the bank charges you a day's pay for
    insufficient funds in your account.were they to cash that check immediately and credit your account,you would've been able to escape the innsufficient funds charge.the truth is,this deliberate inconsideration is what makes the banks mighty rich.

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  • by My Favourite Life on February 1st, 2008

    My Favourite Life

    It doesn't really. it is a ploy to earn additional interest on the money. In the US, it is electronically transmitted to the regional Federal Reserve. I am not sure how the process works in other countries, but I presume it is similar. This is true for cheques outside of your locality.

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  • by Vampyre Bat on February 1st, 2008

    Vampyre Bat

    Many checks are shipped to massive check processing and clearing facilities. The shipping takes time.

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  • by Bank Brain on November 1st, 2008

    Bank Brain

    Facilities are improving however it is all about fraud and making sure that the money is legaly being transfered. Another point is making sure that there are sufficient funds in the account the money is coming from. There are plans to make the process quicker than the 5/6 day wait.

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