CHEQUE CLEARANCE TIMES

Summary

That this House notes with concern that, in this electronic age, banks and building societies drag their heels when clearing cheques according to a Consumers Association study; notes that cheque clearance time varies greatly between financial institutions; further notes the extreme inconvenience caused to account holders by the antiquated system which denies them access to their own money for unnecessarily long periods; deplores the way the system provides financial institutions with another way to profit excessivley from their account holders; urges the banks and building societies to update their practices to give bank account holders access to their own money more quickly; and calls on the Government to apply pressure to the industry to bring it into the twenty-first century.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 29 June 2000

   Early Day Motion

   That this House notes with concern that, in this electronic age, banks and building societies drag their heels when clearing cheques according to a Consumers Association study; notes that cheque clearance time varies greatly between financial institutions; further notes the extreme inconvenience caused to account holders by the antiquated system which denies them access to their own money for unnecessarily long periods; deplores the way the system provides financial institutions with another way to profit excessivley from their account holders; urges the banks and building societies to update their practices to give bank account holders access to their own money more quickly; and calls on the Government to apply pressure to the industry to bring it into the twenty-first century.

   Source: Early Day Motion

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

No documents linked.

Sponsors

• Dan Norris · Labour · Primary sponsor

Related records

No cross-record relationships stored yet.