What are the banks doing to protect customers from fraud?
The banking industry introduced the 2-4-6 changes to sterling cheque clearing timescales for customers in November 2007. As a result, for the first time you can be confident that at the end of 6 days after paying in a sterling cheque or banker’s draft the money is yours and you are protected from any loss even if the cheque subsequently bounces (i.e. is returned unpaid), or if it turns out to be fraudulent. The funds can’t be reclaimed without your consent unless you’re a knowing party to a fraud.
