Faster cheque clearance service

mistycall75

Is there any banks that still provide the faster cheque clearance service?
I used to be able to pay £10 and cheques would clear faster (within 3 days ) in my account

I will be receiving a chq from a different bank to what i am in now and was wondering if there are any banks out there that will allow my cheque to clear faster .

Sorry if this has been asked before . I am new here

Thank you all in advance

NFH

Use Faster Payments Service instead and you will normally receive cleared funds the same day, often within minutes.

pinkdalek

As previously stated faster payment (if you can).

If it's from a reputable firm (eg solicitor) they may charge but there would be no real risk of the cheque bouncing.

My own experience of special presentation is why bother these days? You are not guaranteed when the the funds are cleared, sometimes the cheque has to be posted to the drawing bank, so if that gets delayed or lost you are screwed! If you pay into a normal account most banks allow you to draw on it after 4 days anyway - is that really such a long wait?

jonesMUFCforever

Special presentation I think it was called but all it did was get a promise that the cheque would not bounce - you would still have to wait for the funds to clear.
In this day and age special presentation is prehistoric. As others have said many better ways to get paid these days.

realaledrinker

Co-op current accounts - cheques can be drawn on on Day 3 (e.g. bank Monday before 4.30pm, cleared for withdrawal on Wednesday early a.m.)

alanq

Funds may be available to withdraw from a current account after 3 or 4 working days but a cheque has up to 6 working days to bounce.

http://www.bba.org.uk/customer/article/understanding-cheques/current-account-and-payments/

jonesMUFCforever

alanq wrote: »

Funds may be available to withdraw from a current account after 3 or 4 working days but a cheque has up to 6 working days to bounce.

http://www.bba.org.uk/customer/article/understanding-cheques/current-account-and-payments/

If a cheque has been sent by special presentation the paying bank will say yes or no to it being paid. After that has been confirmed to the collecting bank it cannot bounce.

Hazzanet

When I used to work for a bank many years ago, a special presentation would take longer than a normal cheque to clear. The reason being is that we sent a letter, first class, to the paying bank with a credit slip. The credit slip used to take 3 days to go round the clearing system so it would take, usually 5 days as opposed to 3 or 4 for the cheque to be credited, taking into account post, and work on either side of the process.

The only benefit was knowledge that the cheque would be paid.

Faster payments is the way to go nowadays though.

mistycall75

Thank you for all you're replies .. The company said they can only pay out by cheque... Apparently they send my money on 26th August by 2nd post .. Having checked the delivery period with Royal Mail they told me that a 2nd class letter will be received WITHIN three days ... well today is that third day and still no cheque .. I just phoned the company back and they tried to tell me that all cheques send through royal mail on 2nd post takes up to 10 days ...
Are they lying to me again to buy more time ? I don't see how Royal mail can tell if there is a cheque enclosed in the envelope .. It just sounds so daft and feels like they are making more pathetic excuses .. we have even had to get our bank manager to call them for us as every time we did it ourselves we just got told lie after lie and not 1 person said the same thing ..

I'm really starting to lose my patients with them now ..

Any help on this one would also be greatly appreciated X

custardy

mistycall75 wrote: »

Thank you for all you're replies .. The company said they can only pay out by cheque... Apparently they send my money on 26th August by 2nd post .. Having checked the delivery period with Royal Mail they told me that a 2nd class letter will be received WITHIN three days ... well today is that third day and still no cheque .. I just phoned the company back and they tried to tell me that all cheques send through royal mail on 2nd post takes up to 10 days ...
Are they lying to me again to buy more time ? I don't see how Royal mail can tell if there is a cheque enclosed in the envelope .. It just sounds so daft and feels like they are making more pathetic excuses .. we have even had to get our bank manager to call them for us as every time we did it ourselves we just got told lie after lie and not 1 person said the same thing ..

I'm really starting to lose my patients with them now ..

Any help on this one would also be greatly appreciated X

will,does it really say that?

JuicyJesus

According to Royal Mail, Second class mail "aims" to deliver by the third working day. This doesn't mean that it will necessarily do so.