Cheque clearance - Co-op bank

Bernard_Coleslaw

I thought I knew the answer to this, but perhaps someone could confirm it for me.

I paid a cheque over the counter (at a Co-op Bank branch) into my Co-op current account on Saturday and asked the cashier when it would be cleared for withdrawal.

She told me it would be after six working days, which I thought sounded a bit excessive but I was in a hurry and didn't question it further.

However, this link on Co-op's website quotes the 2-4-6 cycle. This suggests that it's four days for withdrawals from cheques paid into a current account.

When will I be able to withdraw on the cheque? It's from a known source so I don't have any concerns re: certaintly of fate.

Any ideas?

dalesrider

T + 4 = Friday. Asuming that it showed as a credit on your account on Monday.

Bernard_Coleslaw

dalesrider wrote: »

T + 4 = Friday. Asuming that it showed as a credit on your account on Monday.

Thanks, that's what I thought too (and yes, it did show up as a credit on Monday).

Perhaps the cashier was having a bad day.

lolavix

Maybe she misunderstood as it wouldn't be clear until the 6th day, but you can withdraw on the 4th

dalesrider

She was just giving you the date that its safe to take the cash, without risk of the cheque being bounced.

Bernard_Coleslaw

dalesrider wrote: »

She was just giving you the date that its safe to take the cash, without risk of the cheque being bounced.

Cool, thanks. Knowing where the money's coming from (an uber-reliable family member) I think I'm pretty safe there.

jonesMUFCforever

I have seen cheques bounce from reliable family members - when a book they had reported as lost started to be used LOL.

realaledrinker

Although the website says the Co-op apply a 2-4-6 clearing cycle their systems in fact clear for withdrawal after 2 days. So OP could have withdrawn on Wednesday.

dalesrider

realaledrinker wrote: »

Although the website says the Co-op apply a 2-4-6 clearing cycle their systems in fact clear for withdrawal after 2 days. So OP could have withdrawn on Wednesday.

But can still be returned by the other bank upto 6 within the 2-4-6 days.

opinions4u

Bernard_Coleslaw wrote: »

Cool, thanks. Knowing where the money's coming from (an uber-reliable family member) I think I'm pretty safe there.

Time to train the ultra reliable family member about the magic of Faster Payments.