New Banking Code

[EXC]

The changes to the indiscribably useless Banking Code which take effect in March next year have been announced.

They include ''prohibition of account closure solely because a customer has made a valid complaint'' and ''Greater certainty in cheque clearance'' which APACS Chief Executive Paul Smee hails that ''for the first time customers can be sure that six days after paying in a cheque the money is definitely theirs. This is great news for all customers''.

So, happy everyone ?


BBA - British Bankers' Association - New Banking Code ensures fair deal to customers

[scottishlass]

Re: New Banking Code

No, six days? for a cheque
and does that mean that they can close accounts if you complain?

sorry to be so dumb it's the way I was born

[iancognito]

Re: New Banking Code

No it means they'll be no closures of accounts following a valid complaint, they'll be no more valid complaints then

Yep 6 days for a cheque, that's a vast improvement on the current 4 then.

Lots more goodies in there too, like lots more details passed to CRA's and shared around every bank that has a 'B' in its name.

[Nattie]

Re: New Banking Code

I will be returning to the clearing cycle and the reality and the newer clearing cycle over the coming few days. Surely people know by now that the proceeds of the cheque can be drawn on on day 3?

[Delta]

Re: New Banking Code

Looking at the way that bit about the cheques is phrased, it implies (to me anyway), that they are saying after 6 days the money is definately yours, so that implies that a cheque cannot be recalled and debited at a later date (this being the principal that soem scams work on.... the cheque clears. you draw the money out and then the cheque is bounced) or am I interpreting it wrong?