When can I withdraw against a cheque? (2 4 6 process)

p1an0player

Hello

If I pay a cheque into a current account at noon on Monday, that counts as day 0
Therefore it will start to earn interest on Wednesday, day 2
And then I am able to withdraw the funds on Friday, day 4

Question 1) at what time on Friday can I withdraw the funds? 00:01, noon, or close of business?

Question 2) If the money starts to earn interest on day 2, is this the same as saying I won't pay overdraft interest from day 2 on the cheque amount, if the cleared balance is overdrawn?

Thanks

silentscream999

with lloyds it is thursday night you can withdraw

YorkshireBoy

Q1: When it's cleared, ie when your "available balance" has been affected (it could be sooner than Friday).

Q2: Yes.

Extant

p1an0player wrote: »

Hello
Question 1) at what time on Friday can I withdraw the funds? 00:01, noon, or close of business?

Depends on both the bank and the kind of account that you have with them. Noon Friday is the safest bet, though.

Question 2) If the money starts to earn interest on day 2, is this the same as saying I won't pay overdraft interest from day 2 on the cheque amount, if the cleared balance is overdrawn?

Yes, absolutely correct.

Mikeyorks

p1an0player wrote: »

Question 1) at what time on Friday can I withdraw the funds? 00:01, noon, or close of business?

If it's an external cheque to your own Branch - then you can draw on it after your Bank has run it's overnight Batch processes at the conclusion of the 3rd day following the deposit (or earlier with some banks). Cheque clearing is a Batch orientated process ..... so it doesn't 'clear' to a 24hr cycle following the time of deposit. So your 0.01hrs is closest ........ but it depends just when overnight the Batch updates are complete as they vary with Banks and they vary within Banks depending upon volumes / process problems.

Milarky

p1an0player wrote: »

Question 2) If the money starts to earn interest on day 2, is this the same as saying I won't pay overdraft interest from day 2 on the cheque amount, if the cleared balance is overdrawn?

Yes, but only up by the amount that the overdraft is covered by that cheque - if the cheque+overdraft >0