Call for uniform banking system
Thursday 27 April 2006
Business organisations are calling for changes to the UK’s banking structure to allow instant access to funds from cheques paid into small business bank accounts.
Recent changes to the personal banking sector have seen a number of banks allow customers to earn interest on the cheque amount up to £1,000 and give them instant access to the cash.
However, the Forum for Private Business (FPB) say these changes should be extended to include small business bank accounts.
“At present, our cheque clearing is years behind the rest of Europe, smaller firms working with smaller margins are being choked by banks reluctant to update their systems,” says Andrew Mowlah, head of research at FPB.
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