Best Current Account for Cheque Clearing!

premierfella

Surely T+2+4+6 WAS progress? In the past cheques were far from being "definitely paid by the 4/5th day".

Special presentations are still available as far as I am aware (HSBC price list indicates £15). I don't know if that still relies on the postal system, but if it does that rather limits its value surely? If the payee ran their account close to the limit, the cheque clearing a day earlier than normal (if it arrived in the following day's post) often caused problems for both parties.

"In order and in their hands" phone calls were always of dubious usefulness given that they were an indication only and no guarantee. Looking at the queues at bank counters these days suggests that they don't have the staff to do that anymore (on both sides of the phone call).

johnswife

It was a long time ago but from my memory of doing all of the jobs regarding unpaid cheque i.e. returning unpaid and dealing with unpaid cheques in, and making and receiving the phone calls it was quicker than today. No the system was not 100% perfect and yes you did rely on the post but it was quicker than today.

jackieb

wornoutmumoftwo wrote: »

Rbs - pay it in monday - can withdraw it on wednesday.

I hope so. I paid a cheque in on Monday morning and when I asled how long would it take to clear, I was told up to 6 working days. I was hoping it would be cleared by Friday.

jambosans

jackieb wrote: »

I hope so. I paid a cheque in on Monday morning and when I asled how long would it take to clear, I was told up to 6 working days. I was hoping it would be cleared by Friday.

You need to remember that being able to draw against the value of a cheque and a cleared cheque are two different things. Cheques are considered "cleared" on the sixth working day after deposit (in your case the following Monday) - at which point the funds cannot be withdrawn unless you're a knowing party to a fraud. However banks will allow you to withdraw against the uncleared funds on the fourth working day (except savings). RBS (amongst others) allow you to do this even earlier, normally on the second working (e.g. Wednesday). So you have been advised correctly, but the funds should be available earlier (unless you have deposited the cheque into a savings account).

See below for more details:-
http://www.chequeandcredit.co.uk/246/-/page/113/

jackieb

Thank you for that. That's new to me. I should be okay as I paid the cheque into a current account. Hopefully it won't bounce as it's from an accountant!

Cash_Flow

Careful_ly wrote: »

Barclays are the best I know of for paying a cheque into.
You can start using the funds from the cheque upto £1k right away.
http://ask.barclays.co.uk/help/day2day_banking/cheque_clearance

I have used this facility several times, and no charges have ever been made on my account.

HTH

Yep, I too have used that facility on a few occasions.

Ps .... Subject to the account holders status with the bank.

roddydogs

Is their no option to pay wages directly into a nominated bank account?

anamenottaken

Paul_Herring wrote: »

While they don't 'clear' in the sense you can draw on them, Lloyds credit your account on day 0 with the amount for interest purposes. They still tie you to the 2-4-6 cycle for actually drawing on those funds.

This applies to cheques for no more than £1K/day and that are paid in over the counter, not using the quick deposit facility.

jackieb

Well my cheque cleared today - after only 2 days. That was with RBS.

jambosans

jackieb wrote: »

Well my cheque cleared today - after only 2 days. That was with RBS.

Glad to know I'm not giving out duff advice.