Halifax cheque into Halifax account

tranmereforever

Just a quick question I have received a compensation cheque from Halifax which I need to pay in branch, does anyone know if it clears like a normal cheque ie 5 days or does it do it same day as its the same company?- like Lloyds have done in the past

Any help greatly appreciated

innovate

Why not ask them when you pay it in?

Mikeyorks

tranmereforever wrote: »

or does it do it same day as its the same company?

Normally needs to be also drawn on the same Branch for overnight clearing - which is very unlikely if it's a centrally issued cheque.

Joe_Bloggs

Take your Halifax debit card with you and you will not have to fill in a deposit slip. My compensation cheque/bankers draft was in my account the next day. I did not check the same day so it could have been faster. It was a pleasant surprise.

I was going to let them off but since the telephone banking section could not perform a simple Halifax ISA split I was forced to enter the branch. The original compensation was for exactly the same issue earlier in the year.

Their banking /saving service has been excellent since they got over teething troubles with the Lloyds computer systems.

J_B.

rb10

Mikeyorks wrote: »

Normally needs to be also drawn on the same Branch for overnight clearing - which is very unlikely if it's a centrally issued cheque.

It certainly didn't used to be this way at Halifax ... any personal Halifax cheque could be paid in 'as cash' at any Halifax branch.

It didn't matter what branch the account was drawn on, and it was instant rather than overnight clearing.

This was, however, before the Lloyds TSB integration. Things may have slowed down since then.

Agricolae

rb10 wrote: »

It certainly didn't used to be this way at Halifax ... any personal Halifax cheque could be paid in 'as cash' at any Halifax branch.

It didn't matter what branch the account was drawn on, and it was instant rather than overnight clearing.

This was, however, before the Lloyds TSB integration. Things may have slowed down since then.

Quite a few banks have stopped clearing their own cheques and "house" cheques overnight/same day.

This is due to the risk of loss to the bank from people who cross-fire/kite cheques. Previously, this kind of fraud was prevented due to a large amount of monitoring and intervention by branch staff. As banking has changed I would say that branches are no longer well-staffed enough to prevent this kind of fraud, ergo the switch to a longer clearing cycle.

http://en.wikipedia.org/wiki/Check_kiting

Mikeyorks

rb10 wrote: »

It certainly didn't used to be this way at Halifax ... any personal Halifax cheque could be paid in 'as cash' at any Halifax branch.

Rather odd then. As I used to look after my Mother's finances .... and insisted anything she owed me was via cheque to give an audit trail. So her Halifax cheque was paid into my Halifax account (different Branch) reasonably frequently. And always took the 3 working days that was current for Halifax at the time.

opinions4u

Agricolae wrote: »

Quite a few banks have stopped clearing their own cheques and "house" cheques overnight/same day.

This is due to the risk of loss to the bank from people who cross-fire/kite cheques. Previously, this kind of fraud was prevented due to a large amount of monitoring and intervention by branch staff. As banking has changed I would say that branches are no longer well-staffed enough to prevent this kind of fraud, ergo the switch to a longer clearing cycle.

http://en.wikipedia.org/wiki/Check_kiting

In theory that shouldn't have worked against the Halifax system as the account was checked in real time and debited immediately in real time. That's not to say there weren't other fraud risks.

Mikeyorks wrote: »

Rather odd then. As I used to look after my Mother's finances .... and insisted anything she owed me was via cheque to give an audit trail. So her Halifax cheque was paid into my Halifax account (different Branch) reasonably frequently. And always took the 3 working days that was current for Halifax at the time.

The most likely reason would be a lazy cashier. It was quicker to credit the cheque as if it came from a third party bank. Another possible reason staff ignorance of the (fairly simple) procedure. Finally localised fraud risk and / or size of cheque may have led to staff playing it safe and letting the clearing system take its course.

jonesMUFCforever

PPI refund cheques are drawn on a central head office account and will need to go through the clearing system like any other cheque.

tranmereforever

Thanks everyone for the replies given, all sorted now