The BBA is the voice of the banking industry for all banks who operate within the uk
Understanding cheques
26/11/2007
You can download further copies of the full booklet from: www.apacs.org.uk, www.chequeandcredit.co.uk or the PDF link below.
What are cheques?
Cheques are written orders from account holders instructing their banks to pay specified sums of money to named beneficiaries.They are not legal tender but are legal documents and their use is governed by the Bills of Exchange Act 1882,and the Cheques Acts of 1957 and 1992.
History
The cheque evolved over many years,with the earliest handwritten cheque known to be in existence dated 16 February 1659. Fully-printed cheques were introduced in the early 1700s,with the first personalised printed cheques produced in 1810.
The daily cheque clearings began around 1770 when bank clerks met at the Five Bells (a tavern in Lombard Street in the City of London) to exchange all their cheques in one place and settle the balances in cash. The renting of a room for this purpose first occurred in 1773.
Related Links
Understanding the cheque clearing times
(Internal Link)
APACS_cheques_facts_leaflet (PDF)
APACS website (External Link)
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