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How long for a cheque to clear
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# 1
littlechezza
Old 06-11-2008, 4:26 PM
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Default 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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# 2
Bean Counter
Old 06-11-2008, 4:29 PM
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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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# 3
sarahs999
Old 06-11-2008, 4:29 PM
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Three to four working days.
Debt cleared! 13,128 0!!!
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# 4
soolin
Old 06-11-2008, 4:31 PM
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Quote:
Originally Posted by littlechezza View Post
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 the Board Guide for the Ebay Board , Charities Board , Dosh & Disability , Up Your Income and the Local MoneySaving-England board which means I'm a volunteer to help the boards run smoothly, and I can move posts there. However, do remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com
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# 5
littlechezza
Old 06-11-2008, 5:52 PM
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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
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# 6
Extant
Old 06-11-2008, 6:10 PM
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Quote:
Originally Posted by littlechezza View Post
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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# 7
Scousebird
Old 06-11-2008, 6:27 PM
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Quote:
Originally Posted by littlechezza View Post
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=...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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Last edited by Scousebird; 06-11-2008 at 6:32 PM.
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# 8
soolin
Old 06-11-2008, 6:27 PM
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Quote:
Originally Posted by littlechezza View Post
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 the Board Guide for the Ebay Board , Charities Board , Dosh & Disability , Up Your Income and the Local MoneySaving-England board which means I'm a volunteer to help the boards run smoothly, and I can move posts there. However, do remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com
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# 9
YorkshireBoy
Old 06-11-2008, 6:38 PM
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Quote:
Originally Posted by soolin View Post
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.
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# 10
soolin
Old 06-11-2008, 7:05 PM
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Quote:
Originally Posted by YorkshireBoy View Post
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 the Board Guide for the Ebay Board , Charities Board , Dosh & Disability , Up Your Income and the Local MoneySaving-England board which means I'm a volunteer to help the boards run smoothly, and I can move posts there. However, do remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com
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# 11
YorkshireBoy
Old 06-11-2008, 7:19 PM
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Quote:
Originally Posted by soolin View Post
...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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# 12
YorkshireBoy
Old 06-11-2008, 7:39 PM
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Quote:
Originally Posted by Meadows View Post
My bank says 8 days!
Which is your "bank", and do you have a link to the relevant T&C's...unless you were told this verbally (by an ill-informed member of staff perhaps?).
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# 13
Blenheim
Old 06-11-2008, 7:46 PM
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Co-Op Bank lay the cycle out quite well here
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