OFT to examine cheque clearance times

July 2005
Credit Control;2005, Vol. 26 Issue 7, p53
Trade Publication
The article reports that British Office of Fair Trading (OFT) would examine the cheque clearance times. It would conduct market research to establish whether customers want cheque clearing to be speeded up. The work is being carried out by the OFT's Payments System Taskforce. It has forced automated payments such as direct debits and standing orders to be handled more quickly by the banks. The Internet has transformed automated payment systems. It is believed that the typical adult still writes 20 cheques a year.


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