Cheque takes how long to clear!

Wkdwill · 24 February 2009 at 3:16PM

I went to my bank today to put a cheque in my account, the cheque had come from someone with not only the same bank as me but also the same branch, although the branch I was paying it in at was a different one, so when I asked the woman how long it should take to clear I was quite shocked when she said 6 working days.

I know I shouldn't expect it to go through quicker because its coming from the same bank but 6 days is stupid. When I was at Barclays I never waited longer than 3 days for a cheque to clear but with Natwest it takes ages.

Anyway just thought id share.

jazza77 · 24 February 2009 at 3:30PM

So far as I am aware if you go to the branch on which the cheque was drawn you should be able to get payment there and then. You may have to be insistent though! Someone with more banking knowledge can perhaps confirm.

There are still all sorts of pecularities with cheque clearing though, for instance here in Scotland so far as I am aware a cheque drawn on a Scottish Clearing Bank will clear quicker than one drawn on an English bank. Why that should be I haven't the faintest idea:rolleyes:

Blue_Diamond · 24 February 2009 at 3:32PM

I am with Natwest, and it can take UPTO 6 working days. However, being at the same branch, I would say it take 3 working days max

apt · 24 February 2009 at 3:33PM

That's the sort of time you might expect from a small building society, but not a clearing bank. But it seems the cashier was correct - up to 6 working days if you pay at a different branch:

For NatWest ToC:

(a) If the cheque is paid in over the counter at the branch where
you have your account, the money will be added to your
balance by the next business day. In any other case, the
money will be added to your balance by the next business
day following the day on which we receive it or (if we receive
it on a day which is not a business day) by the second
business day after the day we receive it.
(b) The money will be credited to your account for interest
purposes no later than two business days after it is added to
your balance.
(c) The money will be available for you to use no later than four

business days after it is added to your balance.

rb10 · 24 February 2009 at 3:34PM

What type of account do you have at Natwest?

Cheques will always take 6 working days to actually clear - that is the time when the bank is not allowed to debit the funds from your account without your permission. However, with current accounts, the bank will normally let you draw on the money after three working days. If the cheque subsequently bounces, you will go overdrawn. However, as you can't go overdrawn on a savings account, they will normally make you wait the full six working days.

Wkdwill · 24 February 2009 at 3:38PM

rb10 wrote: »

What type of account do you have at Natwest?

Cheques will always take 6 working days to actually clear - that is the time when the bank is not allowed to debit the funds from your account without your permission. However, with current accounts, the bank will normally let you draw on the money after three working days. If the cheque subsequently bounces, you will go overdrawn. However, as you can't go overdrawn on a savings account, they will normally make you wait the full six working days.

Its a Step Account.

I cant imagine the cheque would bounce as its a decorating grant.

I just cant believe it takes that long, this is why I never accept cheques through Ebay, way too risky.

vicshippers · 24 February 2009 at 3:49PM

Although the cheque can clear in anything upto 6 working days, the person that wrote the cheque has the right to cancel it upto 10 working days after it has been cashed...it happened to me last week. I was gobsmacked.

Mikeyorks · 24 February 2009 at 3:56PM

vicshippers wrote: »

the person that wrote the cheque has the right to cancel it upto 10 working days after it has been cashed

Absolutely not true. The drawer can only 'stop' a cheque up to the point it's presented to their bank.

It's cleared for 'funds' after 4 days and cleared for 'fate' after 6. Which (latter case) means it can then only be countermanded if fraud is involved.

http://www.apacs.org.uk/payment_options/2-4-6.html

Sharon87 · 24 February 2009 at 5:02PM

In my Halifax Easycash acount it takes 6 working days to clear. But with the current account it's 3-4 working days. Maybe it's something to do with it being a Step account

rb10 · 24 February 2009 at 5:13PM

You may find that cheques do take longer to clear at Natwest than you are used to at Barclays. I know that at Halifax they clear in three working days, and it sounds like Barclays are the same as that. However, with Natwest, it is, according to the T&Cs (General Condition 4.2.1 (c) ), four working days:

The money will be available for you to use no later than four business days after it is added to your balance.

willo65 · 24 February 2009 at 6:38PM

Paid in on Monday - Shows on account Tuesday - Interest Wednesday - Most times available for withdrawal Thursday (ATM & POS) - Friday definite can withdraw (ATM & POS) - Following Tuesday cannot bounce from your account without your consent.

If it is for a large amount then you will have to wait until the following tuesday. If you do withdraw before the 6th working day and it bounces then you will be liable for bank charges etc.

Cheque takes how long to clear!

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