Cheque clearing

Busybody

Paid a cheque into (quick) machine last Monday print out said it would be cleared by 27th.:)

Went on line to look at statement on 27th said cheque not clearing until 31st!!!!:eek:

Apparently they did'nt process it until the Tuesday!!:mad:

No money all weekend!:o
Has this ever happened to anyone else?;)
:mad::mad::mad::mad::mad::mad:

shaun_from_Africa

Don't forget that even if they had allowed you to withdraw money from the cheque on the 27th, it could still have bounced after this and if this had happened, you would have lost the money.

The money is only guaranteed after 6 full working days after you deposited it. It can still bounce after this time, but if it does it is the bank that has to take the loss.

Azari

shaun_from_Africa wrote: »

The money is only guaranteed after 6 full working days after you deposited it. It can still bounce after this time, but if it does it is the bank that has to take the loss.

Are you sure about that?

shaun_from_Africa

Very sure,
The only way the money can be reclaimed from your bank account after 6 days if you knowingly paid in a forged or stolen cheque, or if you agree to let the money be taken.

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

Oliver14

shaun_from_Africa wrote: »

The money is only guaranteed after 6 full working days after you deposited it. It can still bounce after this time, but if it does it is the bank that has to take the loss.

Azari wrote:

Are you sure about that?

This is what Barclays say

Barclays wrote:

If a cheque is returned unpaid, the value of it will be debited from your account even if you have withdrawn the money in the meantime. However, you can be certain that an unpaid cheque will not be debited from your account later than 6 working days after the day of deposit without your permission or unless there is a suspicion that a fraud has been committed. Therefore, from day 0 when you pay in a cheque, the bank on which it is drawn has the following 6 working days to be able to return it unpaid.

Azari

shaun_from_Africa wrote: »

Very sure,
The only way the money can be reclaimed from your bank account after 6 days if you knowingly paid in a forged or stolen cheque, or if you agree to let the money be taken.

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

That's interesting because I had heard (on several occasions) of a common scam whereby people were overpaid with stolen cheques and then sent part of the money on to (unknown to them) associates of the scammer only to have the money removed from their account some weeks later.

So if someone stole a cheque from my chequebook and wrote a check to an innocent third party who paid it into their account and I didn't discover the fraudulent payment until a month later then the bank would have to take the loss?

shaun_from_Africa

So if someone stole a cheque from my chequebook and wrote a check to an innocent third party who paid it into their account and I didn't discover the fraudulent payment until a month later then the bank would have to take the loss?

I'm not too sure what would happen there.
I think the person who received the cheque wouldn't lose the money (provided they knew nothing about it being stolen).

I assume that the bank would initially take the loss, but they might attempt to recover it from you if they thought that you had not taken sufficient safety precautions over your cheque book or had not reported the loss soon enough.
(Very hard for them to prove, but they may well try)

Busybody

why are you talking about stolen/bouncing cheques? it has nothing to do with my original post!:mad:
I know who issued the cheque and its not going to bounce.
But I'll tell you this! if I incur any bank charges due to this debacle they can jolly well pay me back!!:rotfl:

George_Michael

I know who issued the cheque and its not going to bounce.

But as you've only just mentioned this, how were the people who responded to your first post expected to know that there was no possibility of the cheque bouncing?