How quickly can I take cash from cheque deposit?

Pavel_S

Morning everyone,

Can somebody please tell me how soon I can withdraw funds from my account after depositing them using a cheque.

Basically I just received a cheque from my stock broker company after cashing out some shares. I know it's a good cheque and there is no chance that it will get rejected. I can deposit it in the bank today.

But I need the cash from it for this weekend.. Is it possible to withdraw the cash before the cheque clears? I realise it's not ideal, but as mentioned previously it is simply me taking some money out of my account with the stock trading company so I have no doubt that it will clear fine.

If so, how long after depositing the cheque is the cash available for withdrawal? Is it immediate?

Cheers

Pavel Spirine

YorkshireBoy

Depends...

Which bank?
What time will you deposit today?
Do you have an overdraft facility (that covers the amount of the withdrawal required)?

Could be available Friday. Then again you may have to wait until Tuesday next week.

Don't your account T&Cs/FAQ answer your question?

Pavel_S

I'm banking with Barclays and have no overdraft (I've got a CC but would rather not have to use that).

I cannot clarify using T&Cs etc. as to whether I can take out the money as soon as they process the cheque but before it clears or not..

I would be depositing it at around 2pm today.

Cheers

YorkshireBoy

Pavel_S wrote: »

I cannot clarify using T&Cs etc. as to whether I can take out the money as soon as they process the cheque but before it clears or not..

Condition 4.2(b) says it'll be next Tuesday (and possibly Wednesday depending on branch cut-off times).

However, you may be able to get at the money earlier 'subject to limit and status'.

Your question should really be put to Barclays.