How long for a cheque to clear

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
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  • Bean_Counter
    Bean_Counter Posts: 1,496
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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.
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  • sarahs999
    sarahs999 Posts: 3,751 Forumite
    Three to four working days.
  • soolin
    soolin Posts: 72,034
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    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.
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  • 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
  • Extant
    Extant Posts: 2,140 Forumite
    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?
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  • 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.
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  • soolin
    soolin Posts: 72,034
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    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.
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  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    soolin wrote: »
    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.
    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.
  • soolin
    soolin Posts: 72,034
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    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.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    soolin wrote: »
    ...I will have to be careful about that in future should I ever revert to accepting payments by cheque.
    Don't forget that they have until the end of day 6 to 'clear for fate', so better to wait until day 7 to be sure...or stop taking cheques altogether! ;)
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