treasury committee

Five-day Cheque Clearance “too long” say Treasury Committee

Banks and the UK Payments Council must work together to speed up cheque processing so they take less than five days to clear, the Treasury Select Committee has said. An inquiry by the House of Commons Treasury Select Committee supported the recent decision by the Payments Council to retain cheques, but said that it must work with banks to process cheques faster than the five day average. A Committee spokesman said it wanted to see banks improve their internal administrative procedures in order to reduce the length of time it took for cheques to clear, but that no time frame had been specified.   Forum of Private Business spokesman Phil McCabe said that faster clearance times would be a very positive move. “It would make a real difference for small firms if funds were t... »