Bank Cheques Clearance Time

jonesMUFCforever

A private account LTSB cheque paid into another private LTSB account will clear immediately for most people.
Why am I saying for most people? well if there is insufficent funds for the cheque to be processed to your account I am not allowed to tell you this as it will disclose material information about the drawer of the cheque.
You can of course check your available balance straight away after paying in and wiork out whether the cheque appears as available on your account.

[Deleted User]

I had to laugh hansi. I am fully aware that smile are an online bank, having banked with them since they started. Going in by train to deposit a cheque is the quickest way, for me, of getting the cheque into the account. Doh!!! I do combine this with other shopping as and when

hansi

Ha Ha! Incidentally, I have found that by posting the cheques in the special envelopes gets them into the account quite quickly. I normally pay them into the Co-op Bank but that is a 30 minute bus ride away. I avoid the Post Office like the plague!

Contains_Mild_Peril

I've found Lloyds TSB very slow to clear cheques too. I assumed that they would be the standard 3-4 working days, until I put a cheque in the bank on a Monday and found it still uncleared on the Friday, leaving me in the awkward position of having to go into my branch to make a small withdrawal because I had insufficient cleared funds to use the ATM. The last time I'd had to do that was when I was a teenager: it gets a little embarrassing when I'm 30-something!
I find it very annoying that their online banking does not differentiate between balance and available balance.

[Deleted User]

hansi my train ride takes 15 mins and costs £2.10 return with free park and ride at the station, one mile away from where I live. Quicker than royal mail (the po lost cheques twice so I don`t use them)

[Deleted User]

Ah re lloyds CMP, so it isn`t just me!

If you go online and click on the account type, you will see your overall balance and also the available balance.

I am being ultra careful with lloyds as no way am I going to accidentally go overdrawn. I will be closing the account next may but until then I am leaving a small float in there of £70. Today I am going to deposit a cheque into lloyds for £50 and I will immediately withdraw the £50 from my account float

hansi

kittie wrote:

hansi my train ride takes 15 mins and costs £2.10 return with free park and ride at the station, one mile away from where I live. Quicker than royal mail (the po lost cheques twice so I don`t use them)

I go on the bus, and because I'm a wrinkly, I got a free bus pass!!

[Deleted User]

lol lol
nice to have a laugh on a grey day

touche
you win!!

PBA

hansi wrote:

On the Saturday.it was in my "available" balance. So it is cleared!

NO, it's not! Smile may be letting you draw against the cheque after 2 days, but it will still be in the clearing system. The cheque could still be returned unpaid after that. Available does not mean the same as cleared, although many people assume that it does.

jonesMUFCforever

To be sure ask for a clearing cycle leaflet from YOUR bank.
Some banks will make cheques ''available'' straight away to sum such as £1000 but will debit you back if cheque bounces.
Others will pay you interest on first £1000 of cheques credited straight away but amount is unavailable to use untill it has gone through clearing cycle.
Lastly most will want to you to wait until it is cleared before leting you have your mitts on the money (4-5 days min. depending on type of account)
If cheque clearance is such a bain for you don't accept them ! Just give people your sort code and account number and let them credit you using internet banking or BACS.