Who gets the interest when I open an account with cheque. It's then cashed and interest paid only when opened.

Question

This is where a cheque is submitted to a bank for investment. They submit the cheque which is cashed and then leave it for several days (seven in my case) and then open the account.

They then commence to pay me interest. What is their obligation to pay me interest from the time they cash my cheque? I feel I'm being 'ripped off'.

Answer 1

Correct, the Bank gets the interest for the 7 days .. this is (in effect) their fee for processing the cheque ... and one reason** why no-one uses cheques any more than they have to = and for sure, NEVER for any significant amount ..

(**the other reason is the ease of Cheque Fraud ..)

Answer 2

The situation is like you holding cash in hand, you need to pay it into your account with a bank to earn interest.