Apr. 2, 2007 - clearance

What a screwed up banking system we have in the UK...... it takes 5 days for a cheque to clear..... what a nonsense.... i've been investigating to understand the process, and its a bit of a joke..... strikes me that the banks are keen to take 5 days for cheques to clear, as that leaves an enormous amount of money washing around the system making interest somewhere, but not with the poor retail banking customer......

This effectively means, that because they didn't pay my cheques in until Friday afternoon, that they won't clear until close of play Thursday, so they can't release funds to clear the previous mortgage......

The brokers have promised to come back to me this evening.....

I can see one other way out of this mess, but I want them to come up with a solution first, and then I have one last option that might work..... will detail it out as and when it becomes a (last ditch) option.....