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Dear Graham,
The "clearance" of cheques goes back to the time
when cheques were physically taken to a meeting place of all banks where they
were exchanged and taken to their respective banks of origin to be entered into
their ledgers and "cleared".
Nowadays, with electronics, deposits and withdrawals can be
"cleared" in micro-seconds.
The story why banks take 3 or 5 days to "clear" a
cheque is that the banks have that money still on their ledgers which they use
on the "overnight and short-term money market". I believe that
no longer has any validity because banks create their own money and there is no
real accounting done, any more. There are no real audits of banks.
the whole system is one great fraud.
Banks delaying "clearance" of cheques is just
another act of bastardry to inconvenience people and provide an excuse for
charging more interest on overdrafts and cause embarassment to the recipient of
the cheque.
Governments will not audit banks because the governments have
become corrupted by the banks.
If you want to pursue it, go to court,
demand a jury and demand discovery of the banks' accounting. At the
moment, the court have become corrupted by the banks and the judges do what the
banks tell them, ie: no juries and no discovery.
But still, go to court and make your demands
.........who knows, there might be an honest judge out there,
somewhere.
Yours sincerely,
John Wilson.
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