Abbey cheque clearance timescales

suze13

:mad: I thought in todays technological era banks were supposed to be clearing cheques quicker than in the past. Has anyone got a really stinky letter I can send to the Abbey who today sent out notification that cheques will take an extra day to clear. It will now be 4 working days if paid over the counter and FIVE days if paid in through their machines. Its all very well being paid interest quicker, but I need access to the cash. Help

simon_templar_2

As per Banking Code 2-4-6 for current accounts.

rb10

You'll find that most banks do take four working days for the money to be available, there are some exceptions to this, e.g. Halifax take three working days, and on some accounts at Lloyds I think you can get them the same working day.

simon_templar_2

Anyone any ideas why a stinky letter template is being asked for? What purpose would it serve?

suze13

Sorry, guess I was just a bit wound up that the banks are holding on to our money for even longer than I believe is necessary.

simon_templar_2

Write to the Banking Code Standards Board and ask them why, see what they say.

scouselad1974

suze13 wrote: »

:mad: I thought in todays technological era banks were supposed to be clearing cheques quicker than in the past. Has anyone got a really stinky letter I can send to the Abbey who today sent out notification that cheques will take an extra day to clear. It will now be 4 working days if paid over the counter and FIVE days if paid in through their machines. Its all very well being paid interest quicker, but I need access to the cash. Help

Hi

I to received one saying the same thing, I also noticed some small print that said if the cash is deposited on a Monday you can draw from it on a Friday, but you will not know for sure that the money is 100% yours until the following Wednesday.

willo65

suze13 wrote: »

Sorry, guess I was just a bit wound up that the banks are holding on to our money for even longer than I believe is necessary.

A cheque can bounce from your account until the 6th working day. So this is mainly to prevent fraud on the account and you drawing money on a cheque which may then be returned unpaid leaving you with an unauthorised overdraft

rb10

scouselad1974 wrote: »

Hi

I to received one saying the same thing, I also noticed some small print that said if the cash is deposited on a Monday you can draw from it on a Friday, but you will not know for sure that the money is 100% yours until the following Wednesday.

Cheque.

This is just following the standard 2-4-6 procedure, where:
0 is the day you pay it in (e.g. Monday)
2 is the day interest is earnt from the cheque (e.g. Wednesday)
4 is the day they will let you withdraw the money (e.g. Friday)
6 is the day the money is yours for certain. After this day, the bank can no longer withdraw the cheque from your balance (if it bounces) without your permission (e.g. Tuesday evening of the following week).

opinions4u

suze13 wrote: »

:mad: I thought in todays technological era banks were supposed to be clearing cheques quicker than in the past.

But cheques are dinosaurs, not technological advancements.

Has anyone got a really stinky letter I can send to the Abbey who today sent out notification that cheques will take an extra day to clear. It will now be 4 working days if paid over the counter and FIVE days if paid in through their machines. Its all very well being paid interest quicker, but I need access to the cash. Help

"Dear Abbey, I can't stand this change. Please go back to what it was before you nasty Spanish people, yours naffed orf, Suze".

Hope that helps!

Extant

Simple solution?

Stop using cheques! Then you can have it within three days!

For bonus points, stop using Abbey, and then you can have it same day through Faster Payments.