UK retail bank Lloyds TSB has become the first UK bank to pay interest during the time it takes for payment cheques to clear.
The bank says that the move could mean that consumers receive as much as 150 days of extra free interest per year.
The move comes in response to rising customer dissatisfaction that they do not receive the money or interest from a cheque accepted by the bank until the standard three day clearing period has passed. This period can be extended over a weekend or holiday period.
The issue is sufficiently serious that the UK watchdog, the Office of Fair Trading, is to release a report examining methods that banks can employ to speed up clearing.