Bank Holidays play havoc with current accounts

Current Account switching can save you money

Current Account switching can save you money

The four Bank Holidays in quick succession are playing havoc with current accounts and peoples personal finances as cheques are taking up to two weeks to clear during the period.

Consumers are being told that they should ensure they have sent cheques as payment early enough or risk being charged for late payment as many banks require five working days for a cheque to clear.

With just five of those working days between the 20th April and the 2nd May the Easter break, May bank holiday and the royal wedding are causing some problems.

Acting Chief Executive of the Payments Council, Gary Hocking said, “It is unusual to get so many bank holidays in such a short space of time, so it makes sense to think about what bills and invoices you might be due to pay – and to consider if you have to make alternative arrangements for any of them,”

“With a wider range of payment options available to us than ever before, taking five minutes to check up on your ways to pay can help you make sure that you are not affected.”

Electronic payments now tend to clear within a few hours, and at least on the same day so are less likely to be affected.

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