How long to clear a cheque?

Pink.

I have agreed to sell something to another moneysaver.

She has sent me a cheque as promised and I banked it today. We have agreed that once the cheque has cleared I will forward the item.

If anyone could give me rough idea of how long it should take for the cheque to clear I'd be grateful, as I really do want to make sure that she gets the parcel before Christmas.

Thanks,

Pink

pin

About three to four working days (I think).

Pink.

Not too long then, thanks Pin.

Grumpy lady in my bank told me it would take about 10 days, and I thought this sounded a bit excessive in this day and age!

Pink

vroomfrondel

In theory a cheque never clears. See this part of BBC News. I can't find the full article.

http://news.bbc.co.uk/1/hi/programmes/moneybox/3708814.stm

So, even if the bank says the cheque has cleared, or that funds are available, the cheque can still be returned.

Pink.

In theory a cheque never clears.  See this part of BBC News.  I can't find the full article.

http://news.bbc.co.uk/1/hi/programmes/moneybox/3708814.stm

So, even if the bank says the cheque has cleared, or that funds are available, the cheque can still be returned.  

Thank you for your reply and welcome to the boards vroom.

You quoted an interesting article.

My gut instinct is the other moneysaver involved is absolutely legitimate, but I would prefer not to take any risks. On the other hand she has sent me the cheque and I still have the goods, so she is placing a lot of trust in me too.

Pink

glasgowc

1st Working Day - Chq is Paid into receipitants bank account, that night all chqs are sent to london's main chq sorting office.

2nd Working Day - Sorting office bundles all chq's into groups (sorted by bank they are written from)

3rd Working Day - Bank receives all chq's written by their customers on working day 1, the funds are then set to credit overnight

4th Working Day - Chq is credited into receipitants account.