Depositing a cheque

Murtle

Hi

I'm not sure if anyone knows the answer,

but I am looking to put a cheque into either Natwest or First Direct (from an Abbey National Business Account)

Is there a difference in time it will take to clear with the following options

1) I deposit it tomorrow (Sunday) in the hole in the wall
2) I deposit it in the holl in the wall on Monday
3) I deposit it over the counter on Monday

Also does anyone know how long they take to clear, I think it's about 2 days from previous experience but am not sure. Also is there a difference between Natwest and First Direct for speed? I'm looking for the quickest!!

Many thanks

Murtle

x x

MPH80

Murtle wrote:

Is there a difference in time it will take to clear with the following options

1) I deposit it tomorrow (Sunday) in the hole in the wall
2) I deposit it in the holl in the wall on Monday
3) I deposit it over the counter on Monday

Not as far as I know - none of them will be processed until Monday evening.

Murtle wrote:

Also does anyone know how long they take to clear, I think it's about 2 days from previous experience but am not sure.

Given they are from different banks - it's liable to be 3 working days.

Murtle wrote:

Also is there a difference between Natwest and First Direct for speed? I'm looking for the quickest!!

Can't help here - but my experience of Natwest was pretty good for cheque clearance.

M.

YorkshireBoy

I'd work on Friday, to be safe. I'd also pay it in over the counter to minimise the risk of delay.

Re which is quickest...well, they both quote 3 working days but FirstDirect specify funds will be available on Thursday following a Monday cheque deposit in branch (presumably HSBC?).

http://www.natwest.com/personal02.asp?id=PERSONAL/DAY_TO_DAY/CURRENT_ACCOUNTS/FAQS#how_long_chequebook_clear

http://www.firstdirect.com/legals/principal.shtml (see section 3.9.1)

Mark7799

Murtle wrote:

Hi

I'm not sure if anyone knows the answer,

but I am looking to put a cheque into either Natwest or First Direct (from an Abbey National Business Account)

Is there a difference in time it will take to clear with the following options

1) I deposit it tomorrow (Sunday) in the hole in the wall
2) I deposit it in the holl in the wall on Monday
3) I deposit it over the counter on Monday

I'm looking for the quickest!!

Many thanks

Murtle

x x

Using option 2 may mean it won't be processed by the Bank until Tuesday (the machines are usually only checked once per day). Using option 3 puts it into the Banking system from when it's paid in (it may be that HSBC still have a 3.30.p.m cut-off for same day transactions, perhaps another poster can advise - I know NatWest don't).

There are a lot of other threads on here already about clearance practice and procedures - search through some of those for additional info and remember it's still possible for a cheque to bounce after the collecting bank have allowed you to draw against it.

soolin

Don't forget as well that the cheque is only cleared for funds on day 4 (or whatever), it can still be returned after that, as I have found to my cost on a few occasions with cheques from ebay buyers.

Soo