A short film has been created in order to help debtors become more financially aware, detailing the clearing process of cheques, what happens if they bounce and when funds are cleared.
Angela Thomas, managing director of the Cheque and Credit Clearing Company (C&CCC), which launched the product, noted that research from the organisation has shown that approximately half of Britons are unsure of what happens to a cheque after it is paid into an account.
The film, she observed, offers an “easy-to-follow guide” as to the intricacies of this, helping further understanding of the key stages.
This suggests that those in debt may be able to manage their finances better, if they have a comprehensive overview of how long cheques take to clear, for example.
C&CCC’s move comes after the Queen’s Speech last week highlighted as important the financial education of UK citizens, detailing plans to introduce an organisation dedicated to this.
By Sarah Adie