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Originally Posted by SMHarman
The clearing con, is the result of batch processing which still takes place for these transactions, end of day one batch file sent to BACS, day 2 BACS process all these batch files consolidate the transactions for each bank and create new files to give to the recieving bank, day 3 recieving bank recieves this file and applies it to the appropriate accounts.
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yes but surely this could be done instantaneously, with the bandwidth and technological advances we have now cf when that system was introduced.
or even cut out the "middle man" and send it branch-branch direct, obviously this could be done via sort code.
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AFAIK, physical cheques are no longer moved about, the location / bank / local clearing area they are deposited in retains the cheque, scans it and processes it as if it were a bacs type payment.
The conmerchants are the ones that intentionally extend these times, Abbey was one of the worst for this.
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Oh right. Abbey = ****.
Still think it's a con though, they could do it an awful lot faster but don't as they make a packet out of it, imagine the amount of money transferred that will be "in limbo" for 3 days. For that, they don't have to pay interest and if it takes you out of your arranged limit, you have to pay interest.