Cheques in UK banks often take 7 working days to clear. The money is debited quickly from the payers account, only cleared into the payees account after 7 days. During that time the money exists, it is earning interest for the banks - even though it is not their money. Banks consider it a bonus, as electronic transfers are done instantaneously.
In Europe most countries have clearance times of 3 working days. Yet another instance when the government would rather not act to ensure citizens are not stolen from.
In Europe most countries have clearance times of 3 working days. Yet another instance when the government would rather not act to ensure citizens are not stolen from.