Cheque clearance

Svenena

I paid a cheque into my bank (Lloyds) on Saturday, and I was expecting it to be available in my account today, as it's the 4th working day. It's not yet available (according to online banking) - the wording they use is "from the 4th working day", so I assumed this meant today, but does it mean 4 full working days need to have passed and it won't be available until tomorrow?

PNPSUKNET

yes, monday would of been the first working day

Svenena

Which makes today the 4th working day... but I'm not clear to me whether it should be available *on* the 4th working day, or *after* the 4th working day. The wording used is *from*, which I thought meant it would be available today, but apparently not?

kazwookie

Saturday is not classed by banks as a working day as such, the clearing houses are closed on weekends, so Monday will be day one.

Svenena

Yes, I understand that Monday is day one. Tuesday is day 2, Wednesday day 3, and we are now on day 4 - the 4th working day. What I don't understand is whether the money should be available ON day 4, or AFTER day 4 (ie the 5th working day).

The wording says FROM day 4, and as it is now day 4, I thought it would now be available, but it isn't. Is this usual?

Mikeyorks

Svenena wrote: »

Which makes today the 4th working day...

Afraid not.

Monday was the day the cheque was banked. In terms of the cheque clearing cycle (2-4-6) ...... that was Day '0'. Day '4' ....... when funds should be available to draw, will be tomorrow (Fri) :

http://www.chequeandcredit.co.uk/246/-/page/113/

Svenena

Thanks for that, I didn't realise that Monday wouldn't count towards the 4 working days. The link you've provided is much clearer than the wording on the bank's website!

ironlady2022

Cheques have always worked on this 2-4-6 scale. Some banks allow for withdrawal early.

Svenena

Yes, I've always known it takes 4 working days for a cheque to clear, but I didn't know that this started the working day AFTER the cheque was paid in. I rarely get cheques (maybe one every three years), so have never noticed before.

YorkshireBoy

mayling03 wrote: »

Cheques have always worked on this 2-4-6 scale.

I thought it was a relatively new (Nov 2007) system?

Aren't some clearing on a 2-6-6 system still?

[Deleted User]

YorkshireBoy wrote: »

I thought it was a relatively new (Nov 2007) system?

Aren't some clearing on a 2-6-6 system still?

or some even on the 2-3-6 system
end of working day normally it would be avaliable