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Posts: 950
Registered: ‎27-08-2007

Re: Cheques

a cheque paid into my account (HSBC) never takes longer than 2 days to show as available, and ive drawn on it without penalty
British Wankers er i mean Bankers association Smiley
Posts: 235
Registered: ‎07-04-2007

Re: Cheques

We got our deposit back from our last landlord and put it into a Halifax account, and could draw it after 3 days, whereas if I pay it into my Barclays account it takes 5?Huh
Huh Huh Huh
Posts: 5,924
Thanks: 2
Registered: ‎07-04-2007

Re: Cheques

Did you read the link supplied be Be3G? If so you will see that the system normally take 3 days, but if the cheque bounce this will take longer. So the likes of Barclay's and Lloyds play on the safe side. Which is to your advantage because if you draw on a paid in cheque after 3 days and it bounce then your account could go in the red and you will face bank chargers.
Below is Lloyds conditions for paying in a cheque. You will see that they start paying interest before the funds can be drawn on.

10.4 Cheque from a non-Lloyds TSB account
(a) We will show the cheque in your account within a working day of you paying it in.
(b) On the second working day after you pay it in, we start paying you interest on the cheque (or use it to reduce
the interest you pay).
(c) The cheque usually clears on the fourth working day after you pay in the cheque.
So, for example, if you pay in a non-Lloyds TSB cheque on a Monday, you will see it on your statement the same
day, it counts towards interest on Wednesday, and you can normally use the money on Friday.
(d) However, it takes an extra working day for a cheque to clear if it is paid in at the Post Office.
(e) It also takes an extra working day for a cheque to clear if it is paid out of an account held in another part of
the UK. (For these purposes, parts of the UK are: England and Wales; Scotland; and Northern Ireland.)
From December 2007, an extra day will no longer be added for cheques from another part of the UK.