Who is the Office of Fair Trading (OFT)?
The OFT is a government department set up as the UK’s consumer and competition authority. They aim to empower consumers with knowledge and skills to make informed choices. What is the cheque clearing process? This is the process that financial institutions follow to transfer the value of a cheque from the payer to the beneficiary’s account. Why is the OFT introducing the customer promise? The aim of the promise is to standardise the cheque clearing process across all UK financial institutions and to provide customers with more certainty and transparency over the clearance of cheque deposits. Is the OFT customer promise relevant to me? If you pay a Sterling cheque into a UK based bank account from 3rd December 2007, then this OFT customer promise is relevant to you. How do I benefit from the introduction of the OFT customer promise? You will know the latest point at which you can start to earn interest on a cheque deposit, when you can withdraw the funds and when you can be sure that th
