Cheque clearing at Nationwide

minigirl762003

We paid a cheque into Nationwide on Friday at 9.30am and paid #12 to use their Special Presentation service. We had been told that by using this service the cheque would be cleared by the latest on Friday.

It didn't clear!! :mad:

And it still hasn't. They are now saying that there is no guarentee on this service (even though I've paid #12) and they will not pay back this money.

Can they do this. They are also saying that they haven't even recieved the cheque at the clearing place.

Can anyone advise?

P.S My pound sign is not working Sorry :rolleyes:

Cranston_2

Yes, they can say that.

A special clearance service does not guarantee a cheque will be honored. It does mean you should be a quicker answer to the fate of the cheque then the normal cheque clearing.

Your only option is to wait until they contact you.

Cheques suck!

That's we have cheque guarantee cards, although I expect this may not have helped you in this circumstance.

minigirl762003

We know that the cheque will be honored (its is a compensation claim cheque)

However come tomorrow the cheque would have cleared by the normal service. Its the fact that we have paid £12 for a service they have not delivered and they have also been very rude on the phone basically saying tough. :mad:

As they have not provided this service I feel we should get our £12 back. Or am I wrong in thinking that as well?

noh

Special presentation does not guarantee faster payment.

http://www.apacs.org.uk/resources_publications/faqs/cheques_6.html

Nigel

Cranston_2

minigirl762003 wrote: »

However come tomorrow the cheque would have cleared by the normal service.

Wrong. It's now 6 working days to be sure a cheque has cleared.

See here:
http://www.chequeandcredit.co.uk/246/-/page/113/

minigirl762003

But we were told by Nationwide over the phone that it would be cleared by Friday if we get it to them by 9.30am Wednesday Morning, which is what we did. We also checked before paying for this extra service at the building soceity that it would clear by Friday and they said yes.

YorkshireBoy

minigirl762003 wrote: »

But we were told by Nationwide over the phone that it would be cleared by Friday if we get it to them by 9.30am Wednesday Morning, which is what we did.

In your OP you said you paid the cheque in on Friday morning. When did you pay it in?

We also checked before paying for this extra service at the building soceity that it would clear by Friday and they said yes.

In your defence, the Nationwide help files say...

Special Presentation Cheques - We do offer the facility to clear* cheques faster. For further information about this facility, please contact your local Nationwide branch.

http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1304

* My emboldening.

If you want to complain, maybe you could use this?

Anyway, the cheque should have been cleared for withdrawal yesterday, 26th August, according to their cheque processing calculator (launch from the link above) and assuming you have a debit/cheque guarantee card with your FlexAccount, and that's without 'special presentation'. However, it won't be cleared for fate until Friday 29th.

Cranston_2

minigirl762003 wrote: »

But we were told by Nationwide over the phone that it would be cleared by Friday.

I think their calculations are wrong

This is how I see the timetable.

Day 0 = Last Friday
Day 1 = Tues
Day 2 = Wednes
Day 3 = Thurs
Day 4 = Friday - available to withdraw money.
Day 5 = Monday
Day 6 = Tuesday 2nd Sept - truly cleared.

Because they allow you to withdraw the money on day 4 does not guarantee the cheque will not bounce.
That only occurs on day 6.

Yes, it's fine distinction but it's an important one.

The 2-4-6 rule only came into force November 2007 so its possible the staff at NW do not know about it.

YorkshireBoy

Cranston wrote: »

Because they allow you to withdraw the money on day 4

If it's a 'full feature' FlexAccount (ie with debit/cheque guarantee card), then they say you're permitted with withdraw against the cheque on day 3.

See the calculator I referenced earlier.

Cranston_2

YorkshireBoy wrote: »

then they say you're permitted with withdraw against the cheque on day 3.
.

My point is that "available" and "cleared" have two different legal meanings. Available at day 3 or 4 does not equal cleared.

YorkshireBoy

Cranston wrote: »

My point is that "available" and "cleared" have two different legal meanings. Available at day 3 or 4 does not equal cleared.

True, but I don't think the OP is grumbling because it hasn't 'cleared for fate'. I suspect they're more concerned that it hasn't cleared for withdrawal/onward transfer?