Have Halifax shortened cheque clearing times

tranmereforever

Does anyone know if Halifax have shortened the Cheque clearing times? ( if someone has put something in recently ) I was always under the impression that it was 4 days after deposit ( same as it says online ) I deposited cheque on Wednesday but have been informed on the phone it will be available to withdraw tomorrow which would be 3 working days, has anyone had anything similar?

Only asking as have organised to take a fairly large amount of in cash tomorrow as a result of being told this but don't want the information to be wrong, its not displaying a date at all on my online statement

Also is it still 11am it shows online or is it 9am?

Thanks

david39

Well, if the Halifax system works the same way that Lloyds Bank does ( they are amalgamating their systems) AND if the cheque being issued is drawn on a Halifax/Lloyds branch AND if you are paying it in through a Halifax/Lloyds branch - then it seems to me that the monet becomes immediately available to you.

I did exactly that with a Lloyds cheque, paid in through a Lloyds Bank to my Lloyds account and, when I got home about 30 minutes later the money was showing up in my "available balance".

Of course - the cheque has to be backed by money in the other account.

meer53

Weds day 1
Thurs day 2
Friday day 3
Mon day 4

Tomorrow is 4 working days since you paid it in, day 1 is the day it's paid in. If you're worried about it being returned, i'd give it until Thursday to be on the safe side, cheques can be returned up to the 6th working day.

Saints2011

2days: Starts earning interest
4days: Funds are available for you to use but cheque could still be returned unpaid
6: If the cheque is returned unpaid by the paying bank, the bank cannot take the money from your account without your consent unless you have acted fraudulently.

YorkshireBoy

meer53 wrote: »

Weds day 1
Thurs day 2
Friday day 3
Mon day 4

Tomorrow is 4 working days since you paid it in, day 1 is the day it's paid in.

That's incorrect meer.

Wednesday was Day 0 (referred to as 'T').

Wednesday was T
Interest earned/reduced T+2 (Fri)
Available to withdraw T+4 (Tue)
Cleared for fate T+6 (Thu)

YorkshireBoy

david39 wrote: »

Well, if the Halifax system works the same way that Lloyds Bank does ( they are amalgamating their systems) AND if the cheque being issued is drawn on a Halifax/Lloyds branch AND if you are paying it in through a Halifax/Lloyds branch - then it seems to me that the monet becomes immediately available to you.

I did exactly that with a Lloyds cheque, paid in through a Lloyds Bank to my Lloyds account and, when I got home about 30 minutes later the money was showing up in my "available balance".

I think you'll find that only applies to cheques less than £1K*. Certainly that's the case with Halifax, according to their T&Cs.


* Indeed it does...http://www.lloydstsb.com/media/lloydstsb2004/pdfs/personal_banking_terms_and_conditions2.pdf (condition 7.1)

meer53

YorkshireBoy wrote: »

That's incorrect meer.

Wednesday was Day 0 (referred to as 'T').

Wednesday was T
Interest earned/reduced T+2 (Fri)
Available to withdraw T+4 (Tue)
Cleared for fate T+6 (Thu)

Sorry ! weekend head on !

opinions4u

Savings accounts appear to have changed from 2-6-6 to 2-4-6.

tranmereforever

Cheers for the responses, just called again and 3rd separate person has said 9am tomorrow so will be really annoyed now if its not as have arranged to pay bits and pieces - hence the cash withdrawal- on this basis, it is coming from a Lloyds account so whether this speeds the process up im not sure

Not worried about it bouncing as know who its from, just as long as its available to withdraw

lolavix

cheques will take the same time to clear fully with any bank... most banks will not let you cash in branch until T+6 so they know it cannot be returned

MME_2

lolavix wrote: »

cheques will take the same time to clear fully with any bank... most banks will not let you cash in branch until T+6 so they know it cannot be returned

What do you mean by most? I think all the 'high street' banks allow withdrawal on day 4. That's the whole point of day 4 being 'clear for WITHDRAWAL'.