How long for a cheque to clear
littlechezza
Posts: 242 Forumite
Can anybody tell me how long cheques take to clear, it was paid into Yorkshire Bank yesterday and my is Alliance & Leicester, just hoping it doesn't clear till Monday because thats when I will have money in.
Thanks
Thanks
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I believe they have this 2-4-6 thing now. After 2 days you start to accrue interest, after 4 days you can withdraw funds against it and after 6 days the cheque has fully cleared and can never bounce.Today is the first day of the rest of your life0
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Three to four working days.0
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littlechezza wrote: »Can anybody tell me how long cheques take to clear, it was paid into Yorkshire Bank yesterday and my is Alliance & Leicester, just hoping it doesn't clear till Monday because thats when I will have money in.
Thanks
If you are asking whether it debits your account (ie you are the payer not the payee) then yes it will be almost certainly be taken from your account before Monday. If you don't have funds in to cover it before then it may well bounce which will cost you money.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
But if it was put in yesterday and takes 3 - 4 days to come out of my account wouldn't that make it 3 full working days which would be Monday.
Thank you0 -
littlechezza wrote: »But if it was put in yesterday and takes 3 - 4 days to come out of my account wouldn't that make it 3 full working days which would be Monday.
Thank you
The cheque clearing times are not the same as the times that it takes for your account to be debited.
Why did you write a cheque without having the funds there?What would William Shatner do?0 -
littlechezza wrote: »Can anybody tell me how long cheques take to clear, it was paid into Yorkshire Bank yesterday and my is Alliance & Leicester, just hoping it doesn't clear till Monday because thats when I will have money in.
Thanks
Watch this-it's really good at explaining..............
http://www.bba.org.uk/grabexit/?url=http%3A%2F%2Fwww.chequeandcredit.co.uk%2F246%2F-%2Fpage%2Fanimation%2F
You can guarantee to pick 3 different people in one bank and ask them in different branches when a cheque clears and you will get different answers. I stick to the APACS explanation because they are the maximum time guidelines.Loan-£3600 only 24 months of payments to go!!!
All debt consolodated and cards destroyed!!
As D'Ream would sing 'Things.....can only get better'!!!0 -
littlechezza wrote: »But if it was put in yesterday and takes 3 - 4 days to come out of my account wouldn't that make it 3 full working days which would be Monday.
Thank you
If the banks concerned use the 2-4-6 system then on day 2, ie today, the cheque is already in the payees bank account earning interest and on Monday (working day 4) it will be completely clear for funds.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
If the banks concerned use the 2-4-6 system then on day 2, ie today, the cheque is already in the payees bank account earning interest and on Monday (working day 4) it will be completely clear for funds.0
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YorkshireBoy wrote: »Yesterday was day 0, so today is only day 1. The cheque will start to earn interest (and be debited from the payers account) tomorrow, Friday, and be cleared for withdrawal next Tuesday. It won't be fully 'cleared for fate' until next Thursday, ie day 6.
I'd always assumed that day 1 was the day it was paid in assuming it was processed that day, so today is day 2. When I worked in a bank that had a 4 day clearing on the old rules a cheque paid in on Monday before 4pm would clear on Thursday, day 4.
We never factored in a day 0 so I will have to be careful about that in future should I ever revert to accepting payments by cheque.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
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