Santander and Cheques

silentkiller

I checked my online banking on the Thursday I was overdrawn by £7 (so my overdraft is £160 but I had spent £167) I transfered some money from another account online (another Santander account) to cover the lost £7 and that took my balance back to 0.00 or whatever it was and then on Friday I paid a cheque in the first Santander account (my main one) and checked my online banking that night and it was saying I had available balance of £2.something and the cheque was showing as being paid in.

Now apologies for sounding dumb - but that doesn't mean the cheque has cleared does it? Cos it was for £165 and I need to give half of that to somebody so if it has cleared then it has evaporated incredibly quickly.

Thanks.

YorkshireBoy

Cheques act to offset any debit balance on T+2, T being the day you paid the cheque in.

They don't 'clear' as available funds until T+4.

They don't clear for fate until T+6, after which they can't be bounced unless a fraud has occurred.

silentkiller

Okay so then I still have £165 quid to come into my account? i feel really stupid but I hardly ever deal with cheques.

YorkshireBoy

Can't remember if Santander show an 'available balance' and a 'running balance' (or 'balance') in my online area.

If you check you may see a £165 discrepancy in the 2 figures.

You may have to wait until Monday before you see it though if you only paid the cheque in yesterday.

silentkiller

Okay I will wait and see what happens (just realised it was actually Thursday night I paid it in but this week I'm running a day behind hah).

At the moment there is no £165 discrepancy so I am inclined to think it hasn't cleared yet.

But I will probably go to a cash machine and check the balance instead of relying on online banking as it takes hours to update apparently. But thank you anywho