Interesting - Cheque deposited on Thursday already cleared?

ShelfStacker_3

Because I appear to be the only person who reads the bumf that comes with my current account, from RBS' "Making the most of your account" leaflet:

You will normally be able to withdraw funds earlier than [day 4 of the 2-4-6 cycle] at our discretion. We will not tell you when we exercise our discretion in this way.

There we go. Presumably it depends on your standing with the bank or whatever, and the same applies to NatWest (as RBS and NatWest tend to have the same policies and procedures on things).

Mikeyorks

ShelfStacker wrote: »

....... at our discretion. We will not tell you when we exercise our discretion in this way.

I was right then ... it is a lucky dip!

'You have banked a cheque with us and we have entered it in our daily draw. The first xx lucky winners will have the funds made available immediately. But we do not notify you in any way'

What a strange situation. And - in particular - that not all customers who have their value cleared early .... appear to have that happen consistently (from other posts I've disbelieved over the months:o). However ..... at least that's shone some light in a murky corner, thanks.

charlieboycat

ShelfStacker wrote: »

Because I appear to be the only person who reads the bumf that comes with my current account, from RBS' "Making the most of your account" leaflet:

Quote:
You will normally be able to withdraw funds earlier than [day 4 of the 2-4-6 cycle] at our discretion. We will not tell you when we exercise our discretion in this way.

There we go. Presumably it depends on your standing with the bank or whatever, and the same applies to NatWest (as RBS and NatWest tend to have the same policies and procedures on things).

Thanks ShelfStacker. Although I admit I haven't read them, I do keep the more recent bumph from NatWest. Your quote intrigued me .... so I looked back, and I found this in a September 2007 leaflet about the then new 2-4-6 cycle:

"You can withdraw the funds from [T+4]. You will normally be able to access the funds earlier at the Bank's discretion, however you should be aware that the cheque could still be returned unpaid and debited to your account up to the close of business on T+6."

Not quite the same as your RBS quote - nothing about "we won't tell you when we exercise our discretion". On the contrary, in practice it would seem that NatWest do tell you by virtue of including the funds in the "available balance" on T+2.

What strikes me as a little bizarre is NatWest's use of the word "normally" in this context. This seems to suggest that early (ie. T+2) access doesn't require one to be in particularly "good standing", merely that one shouldn't be in some specific sort of "bad standing". What, I wonder, might constitute "bad standing" in this context? Having previously paid in a cheque in good faith which subsequently bounced?

rb10

charlieboycat wrote: »

What, I wonder, might constitute "bad standing" in this context? Having previously paid in a cheque in good faith which subsequently bounced?

They keep it very hushed up, so could be anything really ... wearing the wrong colour shirt when you paid in the cheque, being born on the 5th of the month, ... Who would know. It seems strange that they keep it so quiet. When you pay in a cheque at Natwest, are they able to tell you when it'll be available, or is it just 'wait and see'?

D1zzy

Just thought I'd resurect this thread as last time I posted that a cheque paid into NatWest had cleared in a couple of days - there were several doubters quoting 2 4 6 and denying it was possible.

So -Monday Lunchtime again paid in a cheque to Natwest - today (Wednesday) am the cheque was showing in the available balance and I was able to transfer out the money.:D