Barclays cheque clearing times?

chelseablue

Does anyone know: when you pay a cheque into barclays how long it takes to clear?

I have phoned them and they said 5 working days! That cant be right can it?

So if I paid in a cheque on monday it would clear on friday?

When I pay a cheque into Nationwide on a monday it clears on thursday and there a building society??!

Does anyone have a barclays bank account and can help me?

jonesMUFCforever

Ltsb is the same pay in monday cleared on friday.

ED

Lloyds, however, are kind enough to pay interest on the 1st £1,000 of any cheque deposits starting on the day of deposit. 4.17% gross interest is paid on the Classic Plus account at Lloyds (nil monthly fee - just deposit £1,000 or more per month). I believe this is up-to-date info, isn't it, ejones999?

DisneyLyn1

Standard time for a cheque to clear is three full working days. This does not include the day you pay it in. So yes, if you pay in on a Monday the funds will be available on Friday. However, this is only if you pay it in before the Bank's official close of business or else you will need to add an extra working day. Barclays close of business is 3.30pm (close of business refers to the banks computer systems, not the opening hours of the branch, just to clarify). I.e if you pay in after 3.30pm on Monday, the funds will not be available until the next Monday.

There is an exception though, if you are paying a Barclays cheque in which is drawn on the same sort code as the account it is paid into, then funds are available the same day.

regularsaver1

Halifax pay in Monday , available to draw on thursday on a current account(not going to say the word clear, as this might not be the case)

Every bank is different in the way they process their cheque banking

It can depend on the type of account that you have too. ie full current account, or basic account

Interest 2nd day

Cobertizo

If you take a look on Barclays' site here http://www.personal.barclays.co.uk/BRC1/jsp/brcucontrol?task=internal&value=http%3A%2F%2Fbarclays%2Emetafaq%2Ecom%2Ftemplates%2Fbarclays%2Fmain%2FanswerPage%3F%5Fmftmfenv%3AlinkEntryCategory%3D%2524day2day%5Fbanking%26%5Fmftmfenv%3AlinkEntryClient%3D%2524barclays%26%5Fmftmfenv%3AlinkEntryName%3D%2524chequeclearing%26%5Fmftvst%3AmoduleID%3D%2524day2day%5Fbanking&target=_blank&site=pfs then that states their policy, which is pretty complicated, frankly. It looks like the cheque 'clears' in terms of interest after 3 days, and after 5 for withdrawal from a cash machine/branch. Note that they should allow you to withdraw the money from the day you've paid it in (subject to limit/status apparently) though.

If you are talking about savings accounts (other than the Regular Saver), you should be getting interest from day 1.

regularsaver1

COBertizo - do you mean they should allow you to withdraw if its Barclays cheque, or any cheque, on the day its paid in?

Cobertizo

Any cheque, it seems, as long as it's paid into a Barclays branch.

See the link above and http://barclays.metafaq.com/templates/barclays/main/answerPage?_mftvst:answerRef=%24http%3a%2f%2fapi.transversal.com%2fmfapi%2fobjectref%2fEntryStore%2fEntry%2fhttp%3a%2f%2fwww.metafaq.com%2fmfapi%2fMetafaq%2fClients%2fbarclays%2fModules%2fday2day_banking%3a7606%3a11&_mftvst:moduleID=%24day2day_banking&_mftvst:topicID=%24&id=R4TSJ79ECKFJ7ERALMS6I66RUQ.

Incidentally, it looks like the amount you can withdraw of the cheque instantly is £200 for Student/Grad accounts, £1000 for personal accounts, and £2500 for premier current accounts.

realaledrinker

Co-op will allow you to draw on a cheque from day 3 (e.g. Mon > Wed) but advise to wait until day 5 before withdrawing against it in case the cheque is returned from the payee's bank as unpaid.

cliverowland

How can banks in the UK possibly defend their 5-day clearance idea when some Scandinavian countries have an Early/Late; Late/Early system where, if the cheque is paid in early in the day it is cleared later on the same day and if paid late in the day it is cleared early the next!