5 days for a cheque to clear?(U.K. banks)
#1
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5 days for a cheque to clear?(U.K. banks)
Its been awhile since I cashed a cheque into my U.K. account and I am used to cheques now clearing next day over here. So I was a bit surprised when my mum told me a cheque that she had just paid into my U.K. account would take 5 days to clear. Is that true?
#2
Yep. Usually cheques clear on the fourth working day after being banked. Weekends don't count for the purposes of working days.
It could of course be much shorter but there's no profit for the banks in investing in the technology needed to do it.
Even better is paying bills online. It normally takes three working days for the payment to reach the recipient even though the transaction could be completed immediately. The banks need to make their money somewhere.
It could of course be much shorter but there's no profit for the banks in investing in the technology needed to do it.
Even better is paying bills online. It normally takes three working days for the payment to reach the recipient even though the transaction could be completed immediately. The banks need to make their money somewhere.
#3
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Location: Stratford CT originally from Liverpool UK
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Re: 5 days for a cheque to clear?(U.K. banks)
Originally posted by Pimpbot
Its been awhile since I cashed a cheque into my U.K. account and I am used to cheques now clearing next day over here. So I was a bit surprised when my mum told me a cheque that she had just paid into my U.K. account would take 5 days to clear. Is that true?
Its been awhile since I cashed a cheque into my U.K. account and I am used to cheques now clearing next day over here. So I was a bit surprised when my mum told me a cheque that she had just paid into my U.K. account would take 5 days to clear. Is that true?
I am a Lloydstsb account holder. If you pay in a personal cheque, ie one from a private individual, the amount is credited to your account the same day.
A cheque from a company or for example the Inland Revenue, still takes five days to clear.
I am not sure whether this applies to all of the major banks.
Regards
MIKE
#4
Re: 5 days for a cheque to clear?(U.K. banks)
Originally posted by Pimpbot
Its been awhile since I cashed a cheque into my U.K. account and I am used to cheques now clearing next day over here. So I was a bit surprised when my mum told me a cheque that she had just paid into my U.K. account would take 5 days to clear. Is that true?
Its been awhile since I cashed a cheque into my U.K. account and I am used to cheques now clearing next day over here. So I was a bit surprised when my mum told me a cheque that she had just paid into my U.K. account would take 5 days to clear. Is that true?
#6
About Barclays Bank accounts
I have had a Barclays Bank current account for years and discovered about 6 years ago that cheques deposited into such account in fact take three business days to clear but the funds aren't accessible to the account holder until five working days.
#7
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This is a Barclays account and the cheque is from Liverpool victoria for my insurance savings bond maturing. It was paid in wednesday, so it looks like wednesday of next week before I can start to draw on it.
Thanks all.
Thanks all.