Cheque Clearance Times

f1widow

yes i believed and was informed and have read their terms and conditions which clearly state "your money will be available from day 5" ie in my case friday - also if you phone their helpline they will quote this to you but when you get in the branch they will deny access to the money :rolleyes:
BUT and here is the BUT the bank hold the descretion as to whether they want to release any funds to you - silentscream999 im with you on this one!!!! - does this not contradict each other - if i had a good relationship with the bank manager and were on "named" terms they would probably let me have the money - hmmm when i have gone to pay cheques in they are whipped off me because the queue is too long and placed in the "quick clearance" section so how can you build up a rapport with staff members - also banks dont want you in branch these days instead they wish you to be "online" and "phonebank"

On the matter of interest - banks dont give away money for nothing so my point is they must be able to "see" my money at the point they give interest - whats everyones view on this ????? have i just gone "clearance" mad and cant think straight................


with reference to other ways that the money could be sent I agree there could be other ways which are faster but the insurance company insist this is the way they want to do it so therefore i have to accept a cheque from them - and unlike the bank have said can you not ask the company to stop the cheque and re-issue via bacs or chaps but guess what that just means more charges for doing so - so needless to say companies dont want to pay the costs of bacs or chaps and do it the cheapest way

So until Monday/Tuesaday I shall remain without MY money - we didnt even want to withdraw it all - just a little - to replace the vehicle which was in a crash!!!

silentscream999

natweststaffmember wrote: »

I hate being right yet again on cheque clearance. Silentscream999, I am very arrogant when I know what I am talking about, and I present as evidence APACS own site based on 2 4 6.
http://www.apacs.org.uk/payment_options/documents/ChequestheFacts2007FINAL.pdf
Page 5.
Most banks will not allow large withdrawals until the close of business t+6 although withdrawals through the atm and via online will still be permitted. That is what the bank is doing in Post 1 from what I am reading.

you have just proven my point! if you actually read the example it gave in there it clearly says that if you pay a cheque in on monday the bank has to make it available on friday!

now the OP has said he also paid in on monday, he was told it will be avilable on friday which is in line with the law. NOW he has been told he will have to wait until end of tuesday! this is wrong because it should be available on the 4th day (friday)

maybe you should read what you have given me or ask someone to read it for you. i cant believe you do not know this. im glad i am not with natwest!

why should he wait until tuesday when the 2-4-6 states the money should be available on the 4th working days after. the link even gives the example of simon paying a cheque in on monday!

silentscream999

OP i think you should tell your bank that what its doing is illegal and goes against the law! Take it to the ombudsman or even the high court

good luck!

JimBlizz

Its important to remember that most these security checks will be conducted by the bank that the cheque is drawn on - it may be out of your banks hands.

Ombudsman will probably be no use as by the time they either accept or decline your case the money will probably be cleared anyway.

silentscream999

JimBlizz wrote: »

Its important to remember that most these security checks will be conducted by the bank that the cheque is drawn on - it may be out of your banks hands.

Ombudsman will probably be no use as by the time they either accept or decline your case the money will probably be cleared anyway.

they still went against the law by not making the money available on friday (on 4th working day)

natweststaffmember

You still don't get it. The cheque can still be returned up to T+6.Apologies for yesterday's arrogance. Why is there a t+6 if t+4 is when the money is yours and never to be returned ever? What possible reason for wasting time is the diagram stating about t+6?
If we have 2 4 6 then what is 6?
Do you see what I am trying to say to you?

cifpower

silentscream999 wrote: »

they still went against the law by not making the money available on friday (on 4th working day)

What is this "law"?

silentscream999

natweststaffmember wrote: »

You still don't get it. The cheque can still be returned up to T+6.Apologies for yesterday's arrogance. Why is there a t+6 if t+4 is when the money is yours and never to be returned ever? What possible reason for wasting time is the diagram stating about t+6?
If we have 2 4 6 then what is 6?
Do you see what I am trying to say to you?

did you read the link you gave me. it clearly says that 6 means day 6 is when the cheque has cleared for certain. meaning the bank cannot debit the amount if it turns out to be fraudulent (unless you are a knowing party to fraud). so although you can withdraw on day 4 it can still bounce and money taken out your account. whereas after day 6 it cant!

so by law on day 2 you must be paid interested, day 4 the money must be available and day 6 is when it has cleared for sure. hence its called the 2-4-6 rule.

the link gives the exact situation we have here. OP has paid cheque in on monday and should have been allowed to withdraw on friday. yet he is being made to wait a couple of days more.

silentscream999

cifpower wrote: »

What is this "law"?

i suggest you go read up on the 2-4-6 rule regarding cheques

cifpower

silentscream999 wrote: »

i suggest you go read up on the 2-4-6 rule regarding cheques

I've heard of the 2-4-6 but didn't realise it was passed as law by Parliament.