Cheque clearing question

timey

I received a refund from an item I bought online by cheque. The online company's bank is the Co-Operative bank, which is also mine as well.

If I deposit this cheque over the counter at my local branch will it clear immediately or will I still have to wait the usual 4 days?

Thanks in advance.

Gromitt

It will clear quicker if you deposit it in the exact same branch as it was drawn on, but it'll still take several days.

Otherwise, standard cheque clearing rules apply.

timey

Gromitt wrote: »

It will clear quicker if you deposit it in the exact same branch as it was drawn on, but it'll still take several days.

Otherwise, standard cheque clearing rules apply.

Thanks a lot for the quick reply. That's disappointing as I was hoping to have the money by tomorrow. I'm sure I can remember depositing same-bank cheques several years ago that were credited instantly, but it seems they've changed the rules(?)...

realaledrinker

Co-op clears cheques for withdrawal on T+2 so depositing on Monday before 4.30 gets you access to your cash early Wednesday morning.

Also many current accounts are not linked to a physical branch sort code so advice above is not correct.

BASFORDLAD

realaledrinker wrote: »

Co-op clears cheques for withdrawal on T+2 so depositing on Monday before 4.30 gets you access to your cash early Wednesday morning.

Also many current accounts are not linked to a physical branch sort code so advice above is not correct.

Yep i thought that Co-op accounts were mostly centralised?, You may be lucky and it will clear quicker, let us know

Gromitt

realaledrinker wrote: »

Also many current accounts are not linked to a physical branch sort code so advice above is not correct.

I was told if the cheque was presented to the same branch that the drawer holds the account then the cheque does not have to be "posted" (whether this means physically or some banking jargon, I don't know), so clears quicker. I must admit, I don't know if this has ever been true.

TSB still state that depositing a company cheque to the branch of the account holder can be withdrawn against on the working day after presentation (or some day if a personal cheque), but of course, if the cheque bounces, you may be entered into overdraft. But you probably don't care about TSB practices, considering your a Co-op customer.