Change in regulation to cheque clearance

Commenting on the change in regulation to cheque clearance, Kevin Mountford, head of savings at moneysupermarket.com, said: "While cheque usage is less than half what it was in the 1990s, there are still several million issued each day. Banks have recently sped up cheque clearance and this latest move now provides certainty of funds to help those reliant on cheque based transactions.

"The six day clearance rule means banks no longer have a free reign to claim funds back long after issue. This is a welcome change providing greater clarity and stability for those who bank and issue cheques."