Guys,

Following a previous thread I just wanted to advise that cheques take up to two weeks to clear.

The money may well appear in your account after 3 days but my bank/ Building Society (Nationwide) advised that it takes 10 working days to properly clear as the cheque can still bounce up to this time.

So just really saying that anyone who sends a cheque has to be prepared to wait at least 2 weeks from when the seller pays it in.

 

must be each bank is different then - my bank Lloyds TSB clear and funds are available all in the 3 working day process.

and as for naming Pete RWD - quite un-nessacary

 

Why is naming Pete unnessecary? im backing him up following the previous thread.

 

Err no it doesn't! Some great worngful advise on PF there again!

Each bank is different, Natwest for instance pay in and 'clear' cheque's within 3-5 WORKING days, 1 week effectively, NOT 2 full weeks!

 

Agreed, why not just call the thread 'Cheque Clearance times' or something, what has someone else's username got to do with that!

 

All cheques that go through the system correctly get cleared on the 3rd day, the funds are in your account on the third but the cheque can be returned up until 12 noon on the 4th day, which wont show until the 5th. So best it to wait 5 days and if the funds are in there they are cleared and can't be returned

There are a few exceptions on the above rule but it is a generalisation i.e house cheques are different

Only reason it can be returned on the 4th day it "late return RDPR". Where as on the 3rd day (the day it passes through the clearing process) it can be returned for loads of reasons

All banks use the same timescale

If you need to know anything about cheques ask me as I practically ran the cheque department for Barclays for 3 yrs

 

cheques can also be recalled upto 6 months i belive if they wanted to

 

It depends on the issuing bank ,one normally allows 10 working days.This is not always the case your own bank will notify you when the issuing bank notify them.I banked a cheque for 900 quid ish I foolishly thought it had cleared after 3 weeks,I released the goods only to receive notification 3 days later that the cheque was indeed dunlop.My bank said they had notified me when they had received notification from the issuing bank which was the toy bank TSB.

 

your wife must have been furious tony?

 

Clearing was for the main 4 high street banks back in the day (Midland, Nat West, Lloyds & Barclays), then you started to get all these building societys wanting to become banks.

A building society is always longer than a high street bank

But with a REAL bank, 3 working days.

Those of you with pretend banks will have to wait a little longer.

 

if you have ever had a nipper and moved etc and tried banking stuff which may mean a special trip into town if your local branch closed its not easy. loads of people say 2 weeks delivery on items being delivered, calling someone at half 10 is a bit late imo.

 

no she would think it was funny as I was 900 quid short she wouldn't see it that she was 450 quid down.
Divorcing women see 20 quid on the floor so instead of asking for half, 10 quid they will waste 10 quid on lawyers to get their half which is now a fiver lol

 

There is a cheque clearing cycle which all banks have to adhere to as outlined by the British Bankers Association.

This link is to a PDF which gives the definitive guide on how it works.

http://www.bba.org.uk/content/1/c6/0...ue_leaflet.pdf

The short answer though is that a cheque can be returned NO LATER than 6 working days after you paid it in.

Example, if you pay the cheque in on a Monday after 6 working days (eg Tuesday the following week) if the cheque hasn't been returned by the end of that day then the money is yours and even if the cheque is returned etc then the bank have to foot the bill.

This legislation was introduced end of 2007 as all the banks had different systems and made it confusing to the customers.

 

Because as i already said my post was backing up RWD Pete from a previous thread.

My point was that before people started saying the goods should have turned up within 2 weeks, the fact is that I personally was advised when accepting a cheque for a large amount not to send the goods for 10 working days.

If RWD Pete has a problem with his user name being in the title i will get it removed.

 

i dont see why it takes that long to clear a cheque anymore,, its a VERY old system

most companys dont even take personal cheques anymore,, i know mine dont, that and the fact the banks can see whats in the account instantly make me wonder why it aint done instantly such as a bank transfer

also used to fuck me right off when i had to wait 5 working days for a cheque to clear cause i never had a current accout with overdraught,,,,,,, where it would clear in 3 working days

OH and now that banks ARE open on saturdays,,,,,,,, why aint that now called a working day also ????

 

Agree mate!!

 

Being able to draw on a cheque, and it being fully cleared are two different things.
In certain circumstances money can be taken back from cheques well after 5 days.
Also this does not apply to BACS etc, as this can be taken back anytime they feel like it.
tabetha

 

After the sixth working day there is NO CHANCE of the cheque being reclaimed without your consent unless you are knowing party to fraud.

 

No they dont. Some poverty spec/basic accounts qoute 5-7 working days to clear.

 

all banks have to adhere to the timescales outlined in the link i posted earlier.

 

Has it changed recently?
Sorry might have missed something.
i remember not that long ago someone had money taken out months after cheque had cleared - when it was discovered to be stolen, which could take a bit of time in some circumstances.
I remember it seeming a bit shit way it worked.

 

The Cheque clearing cycle changed November 2007. All details are on the link i posted earlier.

The idea is to make it easier for people to understand so they (The British Bankers Association) introduced an industry wide system.

 

can we edit the title of this please

 

so why was it that halifax recently took 7 full working days to clear a cheque i put into my account then?? The funds came out of the persons account within 3 days and went into limbo until 7 working days and 7 hours until midnight had passed?????

 

who the fook uses cheques these days ? I will not accept them in my business full stop, nor will i personally use them, the sooner the banks fook them off the better.

 

Cos the halifax is a building society?

All the banks have to adhere to the same timescales, as I said before there are a few exceptions to the rule but if something is an exception you should get a full explination form the bank

 

Markk you'd be surprised how many cheques go through clearing centres each day, from when I started to when I finished it actually increased!!

With there being so much credit card fraud about these days alot of business' are using cheques again, as they know someone will physically have a look at a cheque if needs be andthey have 5 days to sort it out if something is wrong

 

rubbish LESS people use and accept cheques compared to 10 years ago..... buisiness cheques i aint including though

people get paied via bacs now,,,,, not cheque (kite),,,, supermarkets also no longer accept them,,,, nor petrol stations ect ect ect

debit cards are the norm now,,, people dont even carry cash on them these days either !

 

dunno mate, give Halifax a ring and ask them why it took so long, the rules are quite clear so I would say you have a good cause to complain if they ain't following them.