Unit Trust in Dark Ages?

THE EDITOR: In making a deposit to my Unit Trust account of a cheque drawn on my own account at a bank, the teller calmly tells me the money will be held for 12 days. This must be the Dark Ages.

Well I checked my bank account and, of course, the cheque was cleared in one working day. I made the deposit on Friday morning and the next day the cheque was cleared and my bank account debited. That’s normal.

This means Unit Trust has my funds free to invest and earn interest for ten days without the need to give me any interest. Is that fair?

So, do we even have a Governor of the Central Bank? Do we have a Financial Services Ombudsman? What are these people doing all day in their air-conditioned offices?

Who came up with ridiculous rule to hold cheques for 12 days? Banking is now electronic. There is no need for a holding time of more than two days for cheques drawn within this country. For overseas, maybe five working days. Maybe. And here comes the Bankers Association to say it is looking after the interest of its customers. Really? Prove it.

A DE SILVA via e-mail

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"Unit Trust in Dark Ages?"

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