Online cheque checker offers clearer view

New tool allow customers to see different stages of the cheque clearing process

Cheque use is fast declining

The Cheque & Credit Clearing Company has introduced an online tool allowing customers to check clearing times.

The free tool can determine the different stages of the cheque clearing process when the customer enters the paying-in date.

Phases of the process include dates expected for the earning of interest, fund withdrawal and fund clearance in customer accounts.

Research carried out earlier this year suggests that only 23 per cent of UK cheque recipients know when they are able to withdraw money, and 77 per cent underestimate the time it takes to know whether a cheque had bounced.

The introduction of the new service follows changes in cheque processing introduced in November last year under the 2-4-6 initiative. At the end of six working days after paying in a cheque, customers will know whether a cheque has been returned or cleared.

"Although cheque use is in long-term decline, and customers are only paying in cheques on average five times a year, there are many people who still use them," said Angela Thomas, managing director at the Cheque & Credit Clearing Company.

"2-4-6 has added much needed clarity and certainty to the process, and our new online cheque checker aims to help out those customers who want to know what to expect when paying in a cheque."