I have a current account with the Halifax - cheques clear in 7 days, HSBC take 3-4. Why please. Some countries clear same day?
2006-12-13 22:42:04 · 4 answers · asked by Anonymous in Business & Finance ➔ Corporations
Mainly because the banks are wanting to phase out cheques with them being so open to fraud, electronic transfer, BACS/SWIFT etc or using an IBAN for transfer is usually quicker and in some cases same day. Also, banks like to hold on to the money for a while.
2006-12-13 22:46:53 · answer #1 · answered by Pope my ride! 4 · 1⤊ 0⤋
Because the financial institutions use your money for investing, etc, while making you wait for the cheque to clear. Its how they make their money!
2006-12-14 06:45:29 · answer #2 · answered by Queen of the Night 4 · 1⤊ 0⤋
it doesnt take that long to clear. it takes that long for the bank to give you the money. this way they can sit on it for 5 days earning them loads on interest that they would otherwise have to pay to you.
2006-12-14 06:45:05 · answer #3 · answered by alatoruk 5 · 1⤊ 0⤋
Because traditionally this has been one of the ways that banks make money. The're not benevolent societies you know!!
2006-12-14 06:45:23 · answer #4 · answered by Not Ecky Boy 6 · 1⤊ 0⤋