Cheque Clearance question

focus888

Ok i banked a cheque on saturday and i asked the cashier when it was likely the cheque would clear into my account. She told me today but she advised me that the company who sent the cheque to me have a habit of taking the money back within 6 days as they might change their mind about giving it to me. Its a small claim. I see the money has come into my account now but i dont understand how they can just take the money back out from my account? wouldnt they need to ask me to give the money back? any help please.

Baldur

Read 'The 2-4-6 Changes' here - http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=263&a=367

focus888

ok great, thanks so much for that. so it has to be six working days? so if it went into my account today i shouldnt touch it until at least next thursday right?

Baldur

focus888 wrote: »

ok great, thanks so much for that. so it has to be six working days? so if it went into my account today i shouldnt touch it until at least next thursday right?

If you want to be absolutely sure that the money is yours, six working days (is Saturday a 'working day'?) could be next Monday or Tuesday.

dc110

saturday isnt a working day

next thursday is correct

Baldur

dc110 wrote: »

saturday isnt a working day

next thursday is correct

If it was paid in on Saturday (effectively the next working day - Monday), the BBA advice suggests that it would be next Wednesday:

How do I know when the sixth day after deposit has been reached (when the cheque can no longer bounce)? Do the six days exclude non-working days?

If you pay a cheque in on a Monday (before your bank’s or building society’s advertised cut-off times) you can be sure it will not be reclaimed (without your consent) after the end of Tuesday of the following week.
If you are uncertain, you should check with your bank or building society. Saturdays, Sundays and bank holidays are not included when calculating the six day period.

dc110

hmm im confused now (sorry baldur)

if paid in on saturday it is available on wednesday next week

i thought it was paid in today though based on 2.00pm post (in which case it is available thursday next week)

focus888

dc110 wrote: »

hmm im confused now (sorry baldur)

if paid in on saturday it is available on wednesday next week

i thought it was paid in today though based on 2.00pm post (in which case it is available thursday next week)

sorry to confuse you i banked it on saturday it only appeared in my bank today. Just to be safe will leave it in there until thursday next week thanks for both your helps.

dc110

no probs - what baldur said is correct though, paid in on saturday, available (normally tuesday) on wednesday due to bank holiday monday

wednesday will be fine