The process of a cheque

  • Thread starter tinylittleone1995
  • Start date

T

tinylittleone1995

Dear all,

For a school project I am looking at what happens when a cheque is paid
into a bank. Could anyone explain how it works to me? I'm also
interested in knowing what happens to the cheque once it has been paid
(is it stored in a huge database, or simply destroyed)?

Thank you in advance for any information you can give me.
 
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T

Tumbleweed

Dear all,

For a school project I am looking at what happens when a cheque is paid
into a bank. Could anyone explain how it works to me? I'm also
interested in knowing what happens to the cheque once it has been paid
(is it stored in a huge database, or simply destroyed)?

Thank you in advance for any information you can give me.
google for cheque clearing process and follow the first link
 
A

Adrian Smith

Banks keep photocopies of both the front and back of all cheques. Presumably
stored digitally on a computer somewhere.

So if you wrote a cheques to someone a couple of years ago and want proof,
you can request a copy from your bank.
 
J

john boyle

Adrian said:
Banks keep photocopies of both the front and back of all cheques. Presumably
stored digitally on a computer somewhere.

So if you wrote a cheques to someone a couple of years ago and want proof,
you can request a copy from your bank.
Actually, its the collecting bank that has the copy of the reverse side.
'Your' bank will be able to get it, but they will have to ask for it.

In fact, 'truncation' of the clearing now means the cheque never gets to
the drawee but is held usually by an agent of the collecting bank. It
will be kept for at least 7 years.
 
A

Adrian Smith

john boyle said:
Actually, its the collecting bank that has the copy of the reverse side.
'Your' bank will be able to get it, but they will have to ask for it.

In fact, 'truncation' of the clearing now means the cheque never gets to
the drawee but is held usually by an agent of the collecting bank. It will
be kept for at least 7 years.
For sure, I'd imagine that the front and rear are automatically copied at
some point in the clearing process.

I had a dispute with a business associate and asked the Natwest for a copy
of a cheque I wrote 2.5 years previous and received a photocopy of both the
front and back of the cheque.
 
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M

mogga

For sure, I'd imagine that the front and rear are automatically copied at
some point in the clearing process.

I had a dispute with a business associate and asked the Natwest for a copy
of a cheque I wrote 2.5 years previous and received a photocopy of both the
front and back of the cheque.
They have swanky new mahcines at the nationwide which scans the cheque
in as part of the paying in process. Prints a copy on the receipt too.
 
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