Natwest Cheque Clearance

carlbbb

Please can someone help.

With Natwest i put a cheque in on a Monday for instance and the funds are there to withdraw on a Wednesday morning (48 hours later). However if the cheque does not clear, the following day the funds disappear from my account.

With other banks the funds would never be available to withdraw unless the cheque had cleared in the first place...e.g with Lloyds i put it in on a Monday and its ready to withdraw on a Friday?

Its great that Natwest allow the funds to be withdrawn quicker, but it does not mean its cleared?

agrinnall

No it doesn't, and I would expect most banks to show cheque funds in the same timescale as NatWest do (I don't bank many cheques so I'm not sure from personal experience).

Lots more information available here:

http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/cheque_clearing_timescales_%282-4-6%29/

jonesMUFCforever

2-4-6 days is the normal clearing cycle these days.
So a cheque paid in on a Monday would be available to withdraw on Friday.
The cheque is not cleared (in the sense that it cannot be returned)until after day 6 so in this case next Monday.

Toe-Jam

The OP is correct you can draw on a cheque from Natwest RBS or Ulsterbank (provided they aren't in the middle of a system crash) after the 3rd day. And if you deposit it on a Thursday you can draw on a Saturday.

Bank of Ireland will allow you to draw on cheques as soon as they are deposited, essentially treating them as cash. But will charge you debit interest while it is clearing.