Waiting for checks to pass through to your account is tiresome for a lot of people, particularly when you’re still getting paid your monthly wage through them. Most people are unaware of the reason for this waiting period, and are frustrated by how, for instance, if the person being paid uses the same bank as the one paying gets the money a lot more quickly.
There are two things which create this waiting period, with the first one being that they need to be manually processed. This process takes some time, and accounts for anywhere from 12-36 hours of the waiting period. The payer will notice that the funds leave their account after this, while the remaining time, which can stretch anywhere from 3-7days depending upon the who you bank with, is due to how they make money from the system. Banks will keep a hold of the funds for that period in order to collect the interest from those additional funds, which is what allows for the whole chequeing system to be free for users.