The Cheque and Credit Clearing Company Limited (C&CCC) is a UK membership-based industry body whose 11 members are the UK clearing banks . The company has managed the cheque clearing system in England and Wales since 1985, in all of Great Britain since 1996 when it took over responsibility for managing the Scottish cheque clearing as well, and in the whole of the United Kingdom since the introduction of the Image Clearing System in 2019.
9-774: The Capital and Counties Bank was a London clearing bank , which operated 473 branches throughout the United Kingdom from 1877 until its acquisition by Lloyds Bank in 1918. The bank was formed as the Hampshire and North Wilts Banking Company , following the merger of the Hampshire Banking Company and the North Wilts Banking Company . It was renamed Capital and Counties Bank in 1878. The Hampshire Banking Company had been established in Southampton in 1834 and
18-483: A consolidation of payment system organisation Members of the Cheque and Credit Clearing Company are individually responsible for processing cheques drawn by, or credited to, the accounts of their customers. In addition, several hundred other institutions provide cheque facilities for their customers and obtain indirect access to the cheque clearing mechanisms by means of commercially negotiated agency arrangements with one of
27-481: A separate entity. Clearing bank (United Kingdom) As well as clearing cheques, the system processes the following forms of payment: banker's drafts , building society cheques, postal orders , warrants , government payable orders and traveller's cheques . The company also manages the systems for the clearing of paper bank giro credits (the credit clearing). The clearing system in Northern Ireland
36-660: The Faster Payments Service , being used more widely by individuals and businesses. The annual rate of decline of the volume of cheques being used is now in double figures. . In July 2018, Pay.UK (the trading name of New Payment System Operator) acquired the UK Payments Administration and the Cheque and Credit Clearing Company Limited (C&CCC) having previously acquired Bacs Payments System Limited (BPSL) and Faster Payments Service Limited (FPSL) in May 2018 as part of
45-641: The North Wilts Banking Company in Melksham in 1835, from the private bank of Moule & Co. founded in 1792. Lloyds Bank offered to acquire the bank on the terms of one Lloyds share, plus £2 cash, for each Capital and Counties share in 1918, with the accounts of the two banks at the Bank of England being merged on 24 August 1918. The process of integration was difficult and it was not until 1934 that Capital and Counties Committee of Directors ceased to operate as
54-400: The end of six working days, the money is theirs. They are protected from any loss if the cheque subsequently bounces, unless they are a knowing party to a fraud. The timescales also set maximum times when customers start earning interest on money paid in (2 days) and when it will be available for withdrawal. Cheque and Credit Clearing Company Limited announced that on 1 July 2018 it had become
63-526: The full members. Members of the Image Clearing System, as of 2019, are: The members of the paper clearing, shut down in August 2019, were: From the end of November 2007, changes known as 2-4-6 came into force. These have increased clarity and certainty when paying in cheques to a bank or building society account. The 2-4-6 changes set a maximum time limit of two, four and six working days for each of
72-400: The stages after paying in a cheque to a current or basic bank account. The timescales cover cheques, bankers' drafts, bankers' cheques and building society cheques paid into sterling current and basic bank accounts. For deposit or savings accounts the maximum time limit for withdrawal is longer (6 days, rather than 4). For the first time, after depositing a cheque, customers can be sure that at
81-553: Was formerly operated by the Belfast Bankers' Clearing Company for the four clearing banks there. In 2009 3.5 million cheques and 360,000 paper credits passed through the British interbank clearing system each working day. Cheque volumes reached a peak in 1990 when 4 billion cheques were written, but usage has fallen since then. This is mainly due to alternative methods of payment such as direct debits , BACS payments and more recently,
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