Cheque Clearance

Knuckle89

Hi All,

Can anyone tell me at what time of the day Lloyds TSB clear cheque funds for use (i.e. on the 4th day?)

I.e is it at 9am in the morning, or 5pm, or midnight?

jonesMUFCforever

Cheques are available to draw against on the 4th day - I know when the branches are open you can have the money straight away so I would imagine between midnight and say 7 am.

meer53

jonesMUFCforever wrote: »

Cheques are available to draw against on the 4th day - I know when the branches are open you can have the money straight away so I would imagine between midnight and say 7 am.

Beware though, where i work, (not Lloydstsb) cheques can still be returned up to the 8th working day. I would assume the clearing cycle is the same for most banks. If you draw against a cheque before this time, you do it at your own risk.

jambosans

meer53 wrote: »

Beware though, where i work, (not Lloydstsb) cheques can still be returned up to the 8th working day. I would assume the clearing cycle is the same for most banks. If you draw against a cheque before this time, you do it at your own risk.

Eh... I assume you mean the 6th working day?

Cheque clearing works on 2-4-6. A cheque can normally only be returned beyond this time if the customer has been a knowing party to a fraud.

From the Cheque and Credit Clearance Company:-

2-4-6_FAQ wrote:

Do the 2-4-6 and 2-6-6 timescales apply to all banks and all cheques in all situations?

All banks have implemented these maximum timescales for their customers. In exceptional situations, should they be unable to deliver on the timescales, they would explain the reason why.

jonesMUFCforever

I agree but day 6 of the clearing cycle is the 8th day because Saturday and Sunday do not count if you see what I mean.

jambosans

jonesMUFCforever wrote: »

I agree but day 6 of the clearing cycle is the 8th day because Saturday and Sunday do not count if you see what I mean.

I see what you mean, but as Saturday and Sunday are non-working days, cheques always clear on the 6th working day.

If we were going by simply days, you could argue that a cheque paid in on a Monday prior to a bank holiday, then clearance would be 9 days later. Or an even more extreme example is between Christmas and New Year where Christmas Day is on a Monday and the cheque is paid in the Friday prior (22nd). Tens points for working out how many days cheque clearance would take in that instance.