Can i cancel a cheque two days after it was issued into the bank?

Katie1979

Hey guys, i sent a cheque which was issued into the bank on Wednesday afternoon. Due to a change of circumstances, i really need to cancel the cheque.

The cheque is in clearance and is due to be transferred into the other account on Tuesday.

If i called my bank today, for it to be cancelled, would they be able to make sure the funds don't transfer by then?

Any help would really be appreciated. Thanks.

willo65

Hi, Which bank are you with?
When you say was issued into the bank do you mean the other person has paid it in or it debited your account already?

Katie1979

Hi willo, i bank with Nationwide.

Sorry didnt explain properly. The other person went into the bank (Alliance). and cashed in the cheque on Wednesday afternoon. Ive been told its in clearance and the funds will reach his account on Tuesday!

I really need to cancel the cheque.

willo65

I would have thought if he paid in on Wednesday it would have debited your account already, if this is the case then it is unlikely you can cancel it. However if it debits your account on Monday you may be able to cancel it on Monday. Give nationwide a call and double check, no harm in asking them.

cottager

Quite possibly, but could be a bit tight. Cheque clearance now comes under the 2-4-6 rule. See:
http://www.chequeandcredit.co.uk/246/
for intro, and then the '2-4-6 changes explained' link.
Basically your cheque is credited to the recipient's account on the 2nd working day, s/he can withdraw against the funds on the 4th working day (in some cases it can be earlier depending on the bank's policy), but it's only definitely 'safe' on the 6th working day.

It's described from the recipient's standpoint (i.e. cheques potentially bouncing) but the system applies to you as well as the issuer. It's Nationwide you need to contact early on Monday.

Also: http://thefinanser.co.uk/fsclub/2009/11/cheques-24618-2018.html
points to a short film clearly explaining the cheque clearance system.

stclair

Katie1979 wrote: »

Hey guys, i sent a cheque which was issued into the bank on Wednesday afternoon. Due to a change of circumstances, i really need to cancel the cheque.

The cheque is in clearance and is due to be transferred into the other account on Tuesday.

If i called my bank today, for it to be cancelled, would they be able to make sure the funds don't transfer by then?

Any help would really be appreciated. Thanks.

You could cancel the cheque today however have you told the payee of your new circumstances??