SAGA — Doing things properly

Cheque changes

Even after the bank has "cleared" the funds, it never guarantees that the money will not be taken out of your account if it later discovers that the cheque was fraudulent.

That can cause great hardship if it happens weeks or months later and you have already spent it. So you will be pleased learn that this archaic and unfair system is to change.

From November, every bank will pay you interest two days after you pay in the cheque, let you draw it out after four days, and guarantee it will not take it back after it has been in for six days.

Why only two cheers? Well, the "days" are banking days, which ignore weekends and public holidays.

In fact, six days is always at least eight, four days is usually six and two days is often four.