Cheque Clearing Time (Payer's end)

guli

I wrote a cheque to my wife. She lodged it in her bank account on Monday.

Does anyone know when the money will leave my bank account?

Am I correct to say that I need to have cleared funds the day before the money is taken out of my bank account?

Thanks

sutton111

Depending on if she banks at the same bank as you probably will be Thursday.

topbombing

lots of variables really, which is why you need to have the cash in your account first.

do you use same bank/branch?
what time did she pay in.

she pays in monday, cheque then sent bck to your bank for presentation, check for funds on your acct at which point your debited, cq goes bck to her bank with paid decision, money becomes available.

HTH

Milarky

Wednesday....

(And, yes, you do but your agreed overdraft is included in 'cleared funds' for the purposes of this discussion)

guli

Thanks all!

It's different branches, different banks (HSBC and Halifax) but same area (postcode)

Paid in Monday am. Hoping to put the money in 1 day before it's tken out from my current account (paying pittance)

Milarky, does that mean money have to be in my current account on Tuesday, as it'll be leaving it from my account and reaches (clears 2-4-6) hers on Wednesday?

No, it's too large a lump sum to do by cash, if anyone's wondering why I didn't just do it same day by cash transaction

Thanks

Mikeyorks

Paid in Monday. Goes via her Bank processing centre overnight Monday and turned into electronic data (IBDE file). That and physical cheque into Central Clearing by 1100hrs Tuesday.
File sent onto your Bank for clearing overnight Tuesday .. physical cheque 'vanned' to them during Tuesday. Money leaves your account overnight Tue / early hours Wed.

Postcodes etc all immaterial. But if you had banked with same Bank and Branch ... funds could have gone Mon night.

Extant

Mikeyorks wrote: »

Paid in Monday. Goes via her Bank processing centre overnight Monday and turned into electronic data (IBDE file). That and physical cheque into Central Clearing by 1100hrs Tuesday.
File sent onto your Bank for clearing overnight Tuesday .. physical cheque 'vanned' to them during Tuesday. Money leaves your account overnight Tue / early hours Wed.

Postcodes etc all immaterial. But if you had banked with same Bank and Branch ... funds could have gone Mon night.

If you are going to continue quoting http://www.howbankswork.com/15.1.html then please at least learn the actual basics: most of the electronic debit and credits are run through CDI. iPSL has a central clearing centre in Northampton which processes Barclays, Lloyds, HSBC and Halifax cheques. There is no vanning, it just goes from one part of the facility to the other. Cheques do not have to be there by a set time at all, and delays do not affect the clearing time. Don't believe me? Go get a job cashiering at Barclays and pay a cheque into your account. Then hide the iPSL bag for a couple of days.