How long for cheque to debit account?

MrsWassire

If I pay by cheque on Sunday, when would I expect the money to come out of my account, assuming it's deposited on Monday?

YorkshireBoy

If it doesn't come out Monday (eg if the payee has the same branch/bank), it'll come out on Wednesday (T+2).

But, and I'm reading between the lines, if you write a cheque without sufficient cleared funds (or O/D facility) in your account you will almost certainly be breaching your account T&Cs.

Mikeyorks

YorkshireBoy is correct - for most personal / commercial payees. But there are exceptions such as HMRC and others who process cheques in house and put them direct into Clearing. Such cheques would hit your account overnight Tuesday

MrsWassire

No, I'm not writing a cheque without funds in the account, just wondering for budgeting purposes. Went to deposit a cheque today and they told me because it's from a business account it will take 3 days to clear not 2 like a personal account, so I just wondered how long these things take - and after getting burned for a £0.31 returned direct debit I need to keep better track of things like this! So in my accounts list I want to write expected date of debit beside the cheque details so I can keep track of it. The cheque is to Costco so I doubt it would be drawn on my branch (which is in England, and I'm not. ). So I should expect it to come out Wednesday?

Mikeyorks

MrsWassire wrote: »

So I should expect it to come out Wednesday?

Yes. Not sure what the 'business cheque' has to do with it, however, as Clearing doesn't discriminate.