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Motion aims to mandate speedy cheque clearances

Bodden Town MLA Alva Suckoo said it’s high-time retail banks joined the 21st century, and start using electronic verification for bank to bank transactions.

He said it’s unacceptable that customers must wait three of four days just to clear a cheque originating from another local bank, when it should only take a minute or two.

He is introducing a private member’s motion in this session of the Legislative Assembly to mandate local retail banks to move out of the stone age.

He announced the plan at a public meeting last month.

“It’s again, a simple solution, but how many small businesses have to fret and sweat over making payroll because they are waiting on checks to clear,” said Mr. Suckoo.  “Four or five days??”

He spoke of his desire last year, as a government back-bencher, to see electronic verification implemented. He said he was given assurances by others in government that a solution would be in place by September of 2015, but it never came to be.

He said he hopes this time around, his motion will generate some traction in the house.

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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