The provision we're talking about really deals with the maximum cheque-hold period. Indeed, in the vast majority of cases--probably 99%--cheques clear basically within 24 hours, instantly. The issue is simply this: what is the maximum hold period?
The bill purports to give the government regulatory authority to prescribe limits on maximum cheque-hold periods. At this time, the government has secured an agreement from the banks that the maximum cheque-hold period will be reduced immediately from ten to seven days, and from seven to four days when cheque imaging is implemented.
Without the regulation being invoked yet, there is a voluntary commitment to go to four days. The regulation authority will be there, so if, upon cheque-imaging implementation, there's opportunity to go further, the government may consider it at that time.
So it's the maximum hold period, not the typical hold period, that we're talking about.