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Barclays Online Banking & Cheques??

I paid in a cheque on monday and I wasn't expecting it to clear until the end of the week however on my online banking statement it appears in my account....does this mean the money is there or not??
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Comments

  • Calchas
    Calchas Posts: 405 Forumite
    J-Dawg wrote: »
    I paid in a cheque on monday and I wasn't expecting it to clear until the end of the week however on my online banking statement it appears in my account....does this mean the money is there or not??

    Barclays online banking is good in this respect. It uses the term, "Current Cleared Balance."

    If that is the case with regard to your cheque, J-Dawg, it has cleared.

    As an aside, I believe Barclays actually stipulate somewhere that they clear cheques quicker than most, or some such like.
  • Extant
    Extant Posts: 2,140 Forumite
    Calchas wrote: »
    Barclays online banking is good in this respect. It uses the term, "Current Cleared Balance."

    If that is the case with regard to your cheque, J-Dawg, it has cleared.

    As an aside, I believe Barclays actually stipulate somewhere that they clear cheques quicker than most, or some such like.

    No, we don't. We follow the same 2-4-6 as everyone else, even for our own cheques.

    The only exception is a house cheque, a cheque drawn on the same sort code as the one it is deposited to - i.e. a 20-00-00 cheque paid into a 20-00-00 branch.
    What would William Shatner do?
  • Calchas
    Calchas Posts: 405 Forumite
    This is what I was referring to:

    http://management.silicon.com/itdirector/0,39024673,11003926,00.htm

    That looks to me like some such like.
  • Extant
    Extant Posts: 2,140 Forumite
    Calchas wrote: »
    This is what I was referring to:

    http://management.silicon.com/itdirector/0,39024673,11003926,00.htm

    That looks to me like some such like.

    Blimey, 1998! Anyway, this refers to the "AUL" - Account Uncleared Limit - an internal part of the Barclays system that allows some customers, not all, to draw on uncleared cheques. Pretty much common place now, I believe.

    The cheque still takes the same time to clear, but it just means you'll be left in the red if the cheque is returned unpaid.
    What would William Shatner do?
  • No, we don't. We follow the same 2-4-6 as everyone else, even for our own cheques.

    The only exception is a house cheque, a cheque drawn on the same sort code as the one it is deposited to - i.e. a 20-00-00 cheque paid into a 20-00-00 branch.

    Hi BM - good luck in your new post, sure you'll love the challenge ;)

    Can you please elaborate what 2-4-6 is as I don't follow..... I know its a clearing cycle but could you please explain to us thikko's lol

    cheers
    Some say he is a racist, others say he is a liar but the truth will always prevail...

    Milford has left the house & aint coming back!
  • Extant
    Extant Posts: 2,140 Forumite
    Hi BM - good luck in your new post, sure you'll love the challenge ;)

    Can you please elaborate what 2-4-6 is as I don't follow..... I know its a clearing cycle but could you please explain to us thikko's lol

    cheers

    Day 0 - this is when you deposit your cheque.
    Day 2 - you start to receive interest on the money.
    Day 4 - you can draw on the cheque.
    Day 6 - the cheque is cleared for fate, and cannot be returned (excluding cases of fraud or where you agree to the cheque being returned).

    These are "no later than" conditions, though - so some banks may pay interest from day 0, some might let you draw on day 3, etc.
    What would William Shatner do?
  • Calchas
    Calchas Posts: 405 Forumite
    The cheque still takes the same time to clear, but it just means you'll be left in the red if the cheque is returned unpaid.

    That presupposes there is nothing else in the account.

    Your knowledge, even on what is alleged to be your specialist subject, leaves something to be desired.
  • Extant
    Extant Posts: 2,140 Forumite
    Calchas wrote: »
    That presupposes there is nothing else in the account.

    Your knowledge, even on what is alleged to be your specialist subject, leaves something to be desired.

    Except that if you had other funds, any drawings would be allocated to that balance rather than drawing on the cheque.

    Nice try at being inflammatory though. :)
    What would William Shatner do?
  • Calchas wrote: »
    Your knowledge, even on what is alleged to be your specialist subject, leaves something to be desired.

    A little harsh to probably one of the most respected and liked members within the forum! Ahhh, notice you're a newbie (part-time-poster) :D That explains your lack of respect to someone that helps people no end time and time again!

    I am sure I speak for several on here!
    Day 0 - this is when you deposit your cheque.
    Day 2 - you start to receive interest on the money.
    Day 4 - you can draw on the cheque.
    Day 6 - the cheque is cleared for fate, and cannot be returned (excluding cases of fraud or where you agree to the cheque being returned).

    These are "no later than" conditions, though - so some banks may pay interest from day 0, some might let you draw on day 3, etc.

    Thanks BM - crystal clear now.
    Some say he is a racist, others say he is a liar but the truth will always prevail...

    Milford has left the house & aint coming back!
  • Calchas
    Calchas Posts: 405 Forumite
    Except that if you had other funds, any drawings would be allocated to that balance rather than drawing on the cheque.

    The above statement seems to be an effective point in our discussion. :T

    I am, however, still thinking about it. :D
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