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Cheque clearing 3 days
Al_Mac
Posts: 5,519 Forumite
Well I thought so, I work for a bank, thought I understood it! Apparently not. Just been invited to a presentation and one of the things is "a guide to the 5 day Clearing Cycle"!!What!!!
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Comments
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See the thread: 'Faster Money Transfers on the way' for a discussion [rant!] of the 1 day speeding up of cheque clearing from November 2007......under construction.... COVID is a [discontinued] scam0
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From APACs websiteThe Clearing Cycle
There is often confusion about how the clearing system works and the time it takes for a cheque to clear. In fact, it operates within a three-day period.
A diagram of the cheque clearing cycle can be viewed on the links to the right (Cheque Clearing Cycle PDF: 58k).
The clearing does not operate on Saturdays, Sundays and Bank Holidays — as settlement across Bank of England accounts can only take place Monday to Friday.
I can only imagine your bank has an internal procedure on top of this that elongates the process.0 -
The 3 days cycle assumes that the cheque hasn't been stopped, funds are available, etc. There are a couple more days which are relevant if the cheque is returned.0
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