Have Halifax shortened cheque clearing times

lolavix

MME wrote: »

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'.

Withdrawl at a cash machine or online yes, but over the counter is different...they can refuse to give the money before T+6, some may let your withdraw before, especially if it is a regular cheque, but they can say no.

rb10

lolavix wrote: »

Withdrawl at a cash machine or online yes, but over the counter is different...they can refuse to give the money before T+6, some may let your withdraw before, especially if it is a regular cheque, but they can say no.

Nonsense ... why is withdrawal by ATM or online any different to over the counter? The money still leaves your account.

Either they make it part of the available balance (ie can be withdrawn by any means) or they don't.

For current accounts, at least, Halifax operate under 0-4-6. Thus, if you have the overdraft available, you can actually withdraw the cash instantly - you'll technically be overdrawn until Day 4, but there'll be no charge since for interest/fee purposes you are in credit.

lolavix

rb10 wrote: »

Nonsense ... why is withdrawal by ATM or online any different to over the counter? The money still leaves your account.

Either they make it part of the available balance (ie can be withdrawn by any means) or they don't.

For current accounts, at least, Halifax operate under 0-4-6. Thus, if you have the overdraft available, you can actually withdraw the cash instantly - you'll technically be overdrawn until Day 4, but there'll be no charge since for interest/fee purposes you are in credit.

If you have the overdraft available then you won't have to pay the interest, but with all banks, no cheque is fully clear until T+6

I have worked for a bank for 7 years and we rarely cash against a cheque before T+6 - maybe I'm wrong, but then all of us who work for a bank must be....


The majority of fraud on accounts is when people pay in cheques, transfer online on T+4, then the cheque bounces...

I don't know why the online and ATM system works differently, it just does, so it will show as available funds for withdrawl then can bounce in the next couple of days