Cheque deposit now a science

THE EDITOR: What used to be so simple is now a science, leaving one to wonder if technology is really for Third World countries.

Take the simple exercise of depositing a cheque. With the regulations on the time limit for the cheque to clear, that in itself is a science. The stipulations are:

1. TT currency – four business days.

2. Foreign currency drawn on a local bank – ten business days.

3. Foreign currency drawn on a foreign bank – 30 business days.

These timelines do not include the day the cheque was deposited.

So, basically you should work backwards on the date you want to deposit a cheque. Any deposit on a Tuesday or later day will mean that the cheque will not clear until the following week. So the four days for TT currency clearance is six days. (Two extra days for the banks to make interest.)

Now the bank makes reference to business days, meaning Monday to Friday, leaving one with the impression they are closed on Saturdays and Sundays. Want to bet they charge interest on weekends – four-day work week doesn’t apply to an interest in their favour.

Any wonder why people have less and less confidence in institutions in the country?

C PETERS

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