clearing a cheque

chesky369

Just rushed off to my local Lloyds TSB and deposited my latest premium bond winnings cheque (not too exciting - only £50) into my current account. I asked how long it would take to clear, since it might save me having to transfer money from a savings account. I was told FOUR working days - I was staggered, since I'm sure it used to take only three and I thought things had speeded up - or is that only when you pay?

alanq

http://www.chequeandcredit.co.uk/246/

jonesMUFCforever

2-4-6
You earn interest on day 2, cleared for fate on day 4 and unless it is a fraudulent cheque will clear for definite on day 6.
You can withdraw on day 4.

chesky369

I don't usually bother about such things, so the whole 2-4-6 business passed me by completely. Still seems a bit long to me. Never mind. Thank you.

altocumulus

Interesting, I paid a PB £50.00 in this morning and it was on my account when I went on-line to check this afternoon ...

tiptoe_mouse

altocumulus wrote: »

Interesting, I paid a PB £50.00 in this morning and it was on my account when I went on-line to check this afternoon ...

...but that doesn't mean it's cleared funds that you can draw against. I bank with Barclays, and although cheque deposits appear on the same day, my "available balance" doesn't go up for several days.

tiptoe

tiptoe_mouse

jonesMUFCforever wrote: »

2-4-6
You earn interest on day 2, cleared for fate on day 4 and unless it is a fraudulent cheque will clear for definite on day 6.
You can withdraw on day 4.

Actually, it's "cleared for value" on day 2, "cleared for withdrawal" on day 4 and "cleared for fate" on day 6. Also, I believe that after day 6, even if the cheque turns out to be fraudulent the bank cannot take the money back (unless you were complicit in the fraud).

tiptoe