Cheque Clearance

ellielou_2

Hi
I'm just after a little advice if possible.
I am waiting for a chq from my car insurance company as my car was written off on 17th March. They informed me last week the chq would be with me early this week & advised that I go car hunting last weekend, which I did.
Have rang the insurance today & the chq is coming to me 1st class this evening. I obviously would like to pick my car up asap but can't until the chq has cleared!
Does anyone know a way I can get this chq cleared more quickly than the usual 3-5 days.
Many years ago when I worked in a bank customers could pay to 'specially present' the chq but it appears this is no longer in operation.

Many thanks
ellielou

premierfella

Not an answer, but special presentation never cleared the cheques any faster either, it just gave advice on the likely fate of the cheque as I understand it.

pinkdalek

Check with your bank if they offer the special presentation service, there will be a charge for it.

You are thought relying on the postal service and the bank where the cheque is drawn, once the funds are available your bank credits your account with the cleared funds. Generally you are looking at 48 hrs, but to be honest it is never guaranteed.

If you pay it in normally your bank will probably let you draw against it after 4 working days, although the cheque is not "cleared" the likelihood of it bouncing are slim with it being a cheque from your insurer.

I am surprised in this day and age that the insurance firm cannot send your funds via faster payment, no doubt they take your monthly insurance premium direct from your account and do not accept payment by cheque!

crazyguy

you can use a cheque cashing place but it will cost you a bit

Mikeyorks

ellielou wrote: »

Many years ago when I worked in a bank customers could pay to 'specially present' the chq but it appears this is no longer in operation.

It is in operation. But now - as then - it did not clear your cheque any faster. All it does is give you advance notice if the cheque will be honoured on presentation. With a cheque from an insurance company that's a bit of needless assurance?

There is no way you can expedite the clearance - unless you're very fortunate and it turns out to be drawn on the same Bank / Branch as where your account is held. In which case it will clear overnight.

[Deleted User]

Any Lloyds TSB cheque would clear immediately or house cheques would clear faster also