§ MR. WEIRI beg to ask the Secretary to the Treasury, as representing the Postmaster General, whether he is aware that it is the practice of the Comptroller of the Post Office Savings Bank to inform depositors that when a deposit is made by means of a cheque the usual acknowledgment is not despatched until a period of twelve days has elapsed, including the date of deposit of the cheque; will he explain why the Department requires a period of twelve days to clear a cheque; and will he say whether the rule applies to London as well as to provincial cheques.
§ MR. AUSTEN CHAMBERLAINThe practice with regard to deposits in the Post Office Savings Bank by means of cheques is as stated, and applies to London as well as provincial cheques. To keep a record of the clearing of each cheque would be unnecessarily expensive; and the rule has therefore been adopted to retain the acknowledgments of all deposits by cheque for a uniform period of twelve days, by which time notice of failure to clear any particular cheque will have been received by the Department. Experience has shown that a shorter period is not sufficient in all cases to guard against the risk of loss. For calculation of interest a deposit by cheque is treated as having been made on the date of deposit, and not on the date of the acknowledgment.