Co-op Cashminder cheque clearance question

fara_2

Hi, I was wondering if anyone could advise me on this.

I deposited a cheque (£500+) into my Co-op Cashminder account on Monday. It's the first time I've deposited a cheque into the account and was expecting it to be up to 5 days before it cleared.

However, I checked my online account on Wednesday and it was already showing in my "available balance" (which has a "CR" next to it). But underneath the account details it states "Note - Your available balance may not include recent debit or credit transaction but may include un-cleared cheques."

Which doesn't make much sense to me... why include un-cleared cheques in the "available" balance? :question:

It there's anyone who has the same account could you please tell me how long it usually takes a cheque to clear (the one I deposited was from a company not a private individual) and does the "available balance" in your online account mean the money which is actually available for you to withdraw, or something else? :question:

Thanks a lot.

Rafter

Only reason I can think of is that the cheque was also from someone who banks with the co-op and therefore there wasn't the usual clearing process.

Otherwise it could be a mistake and you couldn't actually use the funds within the 5 days if you tried.

R>

realaledrinker

Fully explained here incl worked example:

http://www.co-operativebank.co.uk/servlet/Satellite/1199261362361,CFSweb/Page/Bank-CustomerServices