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    • Bean Counter
    • By Bean Counter 6th Nov 08, 4:29 PM
    • 1,456 Posts
    • 934 Thanks
    Bean Counter
    • #2
    • 6th Nov 08, 4:29 PM
    • #2
    • 6th Nov 08, 4:29 PM
    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 life
  • sarahs999
    • #3
    • 6th Nov 08, 4:29 PM
    • #3
    • 6th Nov 08, 4:29 PM
    Three to four working days.
    Debt cleared! £13,128 £0!!!
    Saving for maternity leave: £3,300/£3500
    'Eat food. Not too much. Mostly plants.' Michael Pollan
    • soolin
    • By soolin 6th Nov 08, 4:31 PM
    • 57,708 Posts
    • 40,796 Thanks
    soolin
    • #4
    • 6th Nov 08, 4:31 PM
    • #4
    • 6th Nov 08, 4:31 PM
    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
    Originally posted by littlechezza
    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
    New to Forum? Guide
  • littlechezza
    • #5
    • 6th Nov 08, 5:52 PM
    • #5
    • 6th Nov 08, 5:52 PM
    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
    • #6
    • 6th Nov 08, 6:10 PM
    • #6
    • 6th Nov 08, 6:10 PM
    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
    Originally posted by littlechezza
    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?
  • Scousebird
    • #7
    • 6th Nov 08, 6:27 PM
    • #7
    • 6th Nov 08, 6:27 PM
    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
    Originally posted by littlechezza
    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.
    Last edited by Scousebird; 06-11-2008 at 6:32 PM.
    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'!!!
    • soolin
    • By soolin 6th Nov 08, 6:27 PM
    • 57,708 Posts
    • 40,796 Thanks
    soolin
    • #8
    • 6th Nov 08, 6:27 PM
    • #8
    • 6th Nov 08, 6:27 PM
    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
    Originally posted by littlechezza
    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
    New to Forum? Guide
    • YorkshireBoy
    • By YorkshireBoy 6th Nov 08, 6:38 PM
    • 28,340 Posts
    • 16,141 Thanks
    YorkshireBoy
    • #9
    • 6th Nov 08, 6:38 PM
    • #9
    • 6th Nov 08, 6:38 PM
    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.
    Originally posted by soolin
    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
    • By soolin 6th Nov 08, 7:05 PM
    • 57,708 Posts
    • 40,796 Thanks
    soolin
    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.
    Originally posted by YorkshireBoy
    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
    New to Forum? Guide
    • YorkshireBoy
    • By YorkshireBoy 6th Nov 08, 7:19 PM
    • 28,340 Posts
    • 16,141 Thanks
    YorkshireBoy
    ...I will have to be careful about that in future should I ever revert to accepting payments by cheque.
    Originally posted by soolin
    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!
    • YorkshireBoy
    • By YorkshireBoy 6th Nov 08, 7:39 PM
    • 28,340 Posts
    • 16,141 Thanks
    YorkshireBoy
    My bank says 8 days!
    Originally posted by Meadows
    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?).
  • Blenheim
    Co-Op Bank lay the cycle out quite well here
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