Cheque please- finally you can rely on a cheque

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/7112829.stm

Bank customers will now be able to rely on cheques which have been paid into their accounts, even if the cheques later bounce or prove to be fake.
From 30 November, cheques will clear with absolute certainty, six days after being paid in.

Previously, banks were able to recoup money from a customer's account if they discovered the original cheque payment was fraudulent.

The changes to the banking system were decided by the industry a year ago.

The problem of cheques never clearing was first revealed by the BBC Moneybox programme three years ago.

Subsequently the Office of Fair Trading put pressure on the banking industry to clarify the clearing system.

Big change

Contrary to common belief, banks have always been able to recoup money from a customer's account if a cheque bounced or proved to be fraudulent.

This was the case even if the discovery took place weeks or months after the event, and after the cheque had been formally cleared and the money spent.

In other words, cheques never really cleared with absolute finality. That will change from the end of the month.


For anyone out there running a plan b this is great news.

[KathyWoolfe]

For anyone out there running a plan b this is great news.

Unfortunately a lot of places will no longer accept cheques for payment!

[DimPrawn]

For that very reason.

You can accept a cheque, give the product or service and 1 week, 1 month, 1 year, 5 years down the line the bank can take the money back. Cheques NEVER fully clear. Ever.

But that's going to change.

[Swiss Tony]

Plan B

You open a company called the Ar*e Tickler's Fagg*t Fan Club.

You take an advert in the back page of some gay mag, advertising the latest in arse-intruding dildos, sell it a bit with, er... I dunno, "does what no other dildo can do until now", latest and greatest in sexual technology. Guaranteed results or money back, all that bollocks.

These dills cost twenty-five each; a snip for all the pleasure they are going to give the recipients.

They send a cheque to the company name, nothing offensive, er, Bobbie's Bits or something, for twenty-five. You put these in the bank for two weeks and let them clear.

Now this is the clever bit. Then you send back the cheques for twenty-five pounds from the real company name, Ar*e Tickler's Fagg*t Fan Club, saying sorry, we couldn't get the supply from America, they have sold out.

Now you see how many of the people cash those cheques; not a single soul, because who wants his bank manager to know he tickles arses when he is not paying in cheques!

[TheFaQQer]

Lock, Stock?

[Swiss Tony]

Yep

[DimPrawn]

You open a company called the Ar*e Tickler's Fagg*t Fan Club.

You take an advert in the back page of some gay mag, advertising the latest in arse-intruding dildos, sell it a bit with, er... I dunno, "does what no other dildo can do until now", latest and greatest in sexual technology. Guaranteed results or money back, all that bollocks.

These dills cost twenty-five each; a snip for all the pleasure they are going to give the recipients.

They send a cheque to the company name, nothing offensive, er, Bobbie's Bits or something, for twenty-five. You put these in the bank for two weeks and let them clear.

Now this is the clever bit. Then you send back the cheques for twenty-five pounds from the real company name, Ar*e Tickler's Fagg*t Fan Club, saying sorry, we couldn't get the supply from America, they have sold out.

Now you see how many of the people cash those cheques; not a single soul, because who wants his bank manager to know he tickles arses when he is not paying in cheques!

Baggy says can he have two please?

[PerlOfWisdom]

You open a company called the Ar*e Tickler's Fagg*t Fan Club.

You take an advert in the back page of some gay mag, advertising the latest in arse-intruding dildos, sell it a bit with, er... I dunno, "does what no other dildo can do until now", latest and greatest in sexual technology. Guaranteed results or money back, all that bollocks.

These dills cost twenty-five each; a snip for all the pleasure they are going to give the recipients.

They send a cheque to the company name, nothing offensive, er, Bobbie's Bits or something, for twenty-five. You put these in the bank for two weeks and let them clear.

Now this is the clever bit. Then you send back the cheques for twenty-five pounds from the real company name, Ar*e Tickler's Fagg*t Fan Club, saying sorry, we couldn't get the supply from America, they have sold out.

Now you see how many of the people cash those cheques; not a single soul, because who wants his bank manager to know he tickles arses when he is not paying in cheques!

What's a Bank Manager?

[BoredBloke]

I thought there were some well known scams out there where the banks protected themselves based on this aspect of cheques. The ones where a person agrees to cash a cheque and split it X to the sender and Y for himself. Then the original cheque is stopped leaving the person who cashes the cheque out of pocket. If the cheque value can no longer be withdrawn, surely this would leave the banks open to this type of scam.

[Spacecadet]

What's a Bank Manager?

the one with 5 gold stars on his badge