HC Deb 12 April 1932 vol 264 cc660-1
41. Sir BROGRAVE BEAUCHAMP

asked the Postmaster-General whether he will consider making a reduction in the number of days which has to elapse before a person paying a cheques into the Post Office Savings Bank is able to draw against it?

Sir K. WOOD

As my hon. Friend has been informed in correspondence, it is, I am afraid, impracticable to reduce the number of days which has to elapse before a person paying a cheque into the Post Office Savings Bank is able to draw against it.

Sir F. HALL

When a cheque is paid in, how long is taken to clear it? What is the time allowed?

Sir K. WOOD

I think that it is something like eight days.

Sir F. HALL

Does not my right hon. Friend consider that that is much too long because any cheque in the United Kingdom surely should be cleared within two or three days, or at the utmost not more than four days?

Sir K. WOOD

My hon. and gallant Friend overlooks the fact that we have to allow a sufficient time for the authority to be presented in any one of the 14,000 Savings Banks in the country. It is not a case of any particular bank, but under our arrangement anyone is allowed to go to any bank in the country and obtain remittance, and therefore we must have a longer term, having regard to the fact that irregularities may occur.

Sir F. HALL

Perhaps my right hon. Friend will be good enough to look into the matter and see if something cannot be done to reduce the period?

Sir K. WOOD

I understand that last year over 500,000 cheques were deposited in this way, and I do not think we had hardly any complaints.

Captain ARTHUR HOPE

Does not my right hon. Friend think that this is an example of private enterprise being better than a State Department?

Sir K. WOOD

No, Sir. I think that the answer to that question is what I said just now, namely, that 500,000 cheques have been deposited and that there have been no complaints at all.