Depositing A Cheque

sjf20

Hi,

I have been given a cheque as a gift from a family member who banks with Barclay's, however my main bank account is Lloyds TSB. I also have a Barclays current account so would it be easier to deposit into this account and transfer the money to Lloyds that way or just deposit it straight into my Lloyds account

Thanks

Sean

grumbler

Only you know what is easier.
If you deposit to Barclays the funds are likely to take less time to clear.

sjf20

Thanks for the quick reply, I will put it in Barclay's. That way I am less likely to spend it as I hardly use that account.

Sean

agrinnall

I on the other hand would recommend depositing the cheque at whichever bank is easiest for you to get to. From what I remember of cheque processing everything goes through clearing, so in the main it won't matter whether it's within the same bank or between two. The only difference may be that if it's within Barclays the value of the cheque might be credited earlier, but I don't think the funds will actually be fully cleared any quicker.

Goldiegirl

From what I remember at my time working for Barclays (over 30 years ago! ) a Barclays cheque would only clear quicker if it was paid in at the same branch that your family member banked at.

But these days I would imagine things would be different - I suspect it'd take the same time to clear wherever you paid it in, due to centralisation of services.

Ironic really, things have got worse rather than better in the last 30 years!

Hazzanet

I think the whole 'home' and 'away' cheques philosophy died a death about a decade or so ago as the 2-4-6 clearing system came into force. Same day truncation probably went that way at the same time.

xylophone

That way I am less likely to spend it as I hardly use that account.

Does it pay interest? If so, at what rate? Could you find a better rate? Should you consider putting it into an isa?