05 March 2006

Technological Advancements

We live in an amazing world, of mobile phones, MP3 playes, massive TVs and affordable, powerful personal computers. The world's super-power is so well-designed that even a monkey can run it - and indeed is running it.
So tell me, why oh why does it still take four days for cheques to clear?


Simon said...


In this age of money transfered at a touch of a button, its reasurring to know that if someone steals your chequebook, banks are slow enough that you're less likely to see your account emptied in seconds.

What worries me is a thief could walk into my bank with my a cheque and they'd hand him up to £999 of my cash without asking for ID.

Alex said...

It's how banks make their money, the money from a cheque is removed from your account immediately, it then spends four days being played on the stock market or somesuch business bollocks, before making it's way to the recipient. Nothing to do with technical inability.

Jackart said...

Yup... On this I concurr. Only it's not the stock market, it's the money market. The money is lent to the Government, while you're waiting for it to clear.