Santander cheque clearance... so angry!

hawkyboy

Hi All

I really need some advice as I'm about to explode.

I banked an inheritance cheque for 10k at 12.15pm last Tuesday....
I was told today that the cheque hasn't cleared and as it had been sent for "special clearance" as the amount was large they couldn't tell me when it would clear...unreal.

I thought the law and regulating bodies ensured the max wait time was end of the sixth working day?

Help I want to take em to the cleaners for this but unlikely I know!:mad:

onlypaddy

just means they are concerned about possible money laundering so are checking your source

NouveauRiche

Any cheques deposited of over £3,000 are subject to scrutiny as onlypaddy said, it is to prevent possible money laundering. It is also to stop those "Nigerian Money Scams." It is partly for your security too. (It's till a pain in the a*se though!)

ses6jwg

The cashier who deposit the cheque should have told you this, any large cheques are usually subject to extra clearance which means they can take up to 8 days in some cases. Santander is not yet a clearing bank in the same way as Lloyds, Natwest etc

johnmoney05

They are probably doing you a good thing. So you have 10K staying in the account a few more days.

soleilpmb

I have just paid a cheque for £10,000 into Santander and was told it would take at least 5 working days to clear, possibly up to 10! (I asked before the transaction but she did not reply until after she had done it.)

Is this because of the large amount? Or because its Santander? If I find my other bank (Nationwide) would have cleared it in 4 days I will take my custom elsewhere!

rb10

soleilpmb wrote: »

I have just paid a cheque for £10,000 into Santander and was told it would take at least 5 working days to clear, possibly up to 10! (I asked before the transaction but she did not reply until after she had done it.)

Is this because of the large amount? Or because its Santander? If I find my other bank (Nationwide) would have cleared it in 4 days I will take my custom elsewhere!

It's because it's Santander.

I have only ever heard of them and HSBC adding extra days onto cheque clearing; the other banks and building societies all seem to manage to do it in 6 working days.

samwsmith1

This happened to me with HSBC - except they froze my account for about a week whilst they 'investigated' a cheque from NS&I!
When I pointed out that it was from NS&I they said they still wouldn't unfreeze my account.
For some reason they never bothered with an inheritance cheque that had a higher value!

POPPYOSCAR

I have had this with Royal Bank of Scotland. I was told that anything over £5000 is subjected to more scrutiny because of money laundering.

[Deleted User]

Santander .. typical it would take up to 10 working days but guess its a good procedure for money laundering