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Cheques? Check!
Some fantastic news for anyone who takes payment by cheque:
Currently banks can take back the money paid by cheque months or years after it has been cleared into a bank account. But from November 2007 the banks have said that after six banking days, they will guarantee the money will not be taken back even if the payment is fraudulent.
After the banks' cheque clearing organisation had advised using a more secure payment method than cheques, this is a great move for small businesses, and might just save the cheque from extinction altogether.
Currently banks can take back the money paid by cheque months or years after it has been cleared into a bank account. But from November 2007 the banks have said that after six banking days, they will guarantee the money will not be taken back even if the payment is fraudulent.
After the banks' cheque clearing organisation had advised using a more secure payment method than cheques, this is a great move for small businesses, and might just save the cheque from extinction altogether.
Labels: business, payment methods
1 Comments:
This is fantastic news. So many sellers worry about cheque payment and this will finally bring an end to the old "How long does it take a cheque to clear" debate!
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