Interesting - Cheque deposited on Thursday already cleared?

firsttimestudent

Hi,

I just saw something very interesting.

I deposited a Nationwide cheque into my Natwest account last Thursday, for an amount of 985.00. Interestingly, the cheque is now showing up as part of the available balance on my Natwest Online Banking.

How could it be that quick the clearing? Should I leave the amount in my current account until Thursday (that's 4 working days) before moving the amount to my e-Savings account? Or can I actually move them now?

Thanks!

Extant

It won't be cleared yet. Cheque clearing works on the 2-4-6 proposition, Natwest have just made it available to you ahead of it clearing.

Mikeyorks

firsttimestudent wrote: »

Interestingly, the cheque is now showing up as part of the available balance on my Natwest Online Banking.

Not the first time it's been reported that Nat West occasionally 'clear' funds out of pattern :

http://forums.moneysavingexpert.com/showthread.html?p=19140751&highlight=#post19140751

........ perhaps they run a draw each month into which they enter a few cheques for immediate funding! ..... as it neither conforms to logic nor existing processes.

naijapower

Yeah, It has been widely reported that Natwest clearing can be sometimes out of sync

Bogof_Babe

I have a similar but different query. I've left a cheque (payable to myself) for £72K with Alliance & Leicester, pending them sorting out a technical problem with opening a savings Bond for me on Saturday.

In order to get about 40p a day interest, the money to back this cheque is currently in my NatWest Savings Direct account. I am going into A&L tomorrow to see whether they have got the Bond account opened. If they have, and have put my cheque through into it, how many days can I safely leave the money in my Savings Direct account before doing an online transfer into my current account?

Actually for the sake of 40p or 80p I might as well do it now to save the worry, but I'm curious as to what would happen if they present my cheque tomorrow and I don't do the transfer until say Thursday.

Mikeyorks

Bogof_Babe wrote: »

If they have, and have put my cheque through into it, how many days can I safely leave the money in my Savings Direct account before doing an online transfer into my current account?

Assuming the earliest they can process the cheque is tomorrow (Tue) ... that would hit your account overnight Wed. So you would need the funds in your current account (you don't say where that is?) during Wed.

If your current account is outside Nat West .... you would have difficulty transferring the funds by then?

D1zzy

firsttimestudent wrote: »

Hi,

I just saw something very interesting.

I deposited a Nationwide cheque into my Natwest account last Thursday, for an amount of 985.00. Interestingly, the cheque is now showing up as part of the available balance on my Natwest Online Banking.

How could it be that quick the clearing? Should I leave the amount in my current account until Thursday (that's 4 working days) before moving the amount to my e-Savings account? Or can I actually move them now?

Thanks!

Same thing hapened to me a few months ago with a cheque from HSBC - paid in Thursday, cleared by Sunday am and transferred to Tescos by FP that day.

All on here were disbelieving but now that's 2 of us..

Doesn't happen all the time though - paid in a cheque last Friday, wasn't cleared 'til after 11pm Tuesday but was able to to a FP transfer then.

Bogof_Babe

Mikeyorks wrote: »

Assuming the earliest they can process the cheque is tomorrow (Tue) ... that would hit your account overnight Wed. So you would need the funds in your current account (you don't say where that is?) during Wed.

If your current account is outside Nat West .... you would have difficulty transferring the funds by then?

Thanks for that. I should have said my current a/c is NatWest too, so transfers are instant. I'll do it tomorrow then, at least get another 40p tonight!

Mikeyorks

D1zzy wrote: »

Same thing hapened to me a few months ago with a cheque from HSBC - paid in Thursday, cleared by Sunday

Paid in Friday ..... according to your original back in February? And you will find the link at post #3.

firsttimestudent

Hey, thanks so much for your replies.

I am really tempted to move the available balance to my e-Savings account, but was really worried it will suddenly become 'unavailable' - and I'll get stung with unauthorized overdrafts etc.

Will this happen? Or do you think it's prudent for me to leave it until Thursday?

D1zzy

Mikeyorks wrote: »

Paid in Friday ..... according to your original back in February? And you will find the link at post #3.

Knew you'd spot it -Yep - my error it was Thursday apologies for not correcting - but as Thursday to Sunday am was in theory still "not possible" the point was still the same- (Lloyds abysmal on-line service)