Cheque clearance with bank holidays..

bounce08

I am going to pay in a cheque this morning (a Saturday) at my bank which is a Co-Op current account (cash minder).

Obviously Monday is a bank holiday. When will I be able to withdraw from the funds from the cheque?

I have had a breif skim over the T+2/4/6 guidelines for cheque clearance. Will today be 'T' even if it's a Saturday (as it will show as a credit on my account, just not cleared), or will 'T' be Tuesday?

Such a pain these bank holidays!

simax

T will be Tuesday I'm afraid.

richard9991

you cheque should be cleared to spend on friday

YorkshireBoy

richard9991 wrote: »

you cheque should be cleared to spend on friday

T+4 would be Monday 8th April.

Are you saying that (from personal experience) the Co-op clear cheques a day early on their basic account?

Gromitt

'T' will be Tuesday.
'T+4' will be Friday night (allowing 4 clearing days)

The cheque will therefore receive certainty of fate by close of business on the following Tuesday.

YorkshireBoy

Gromitt wrote: »

The cheque will therefore receive certainty of fate by close of business on the following Tuesday.

I don't think that's correct.

I believe 'certainty of fate' is at the end of the 6th working day after the transaction day (T).

So T+6 would be close of business on Wednesday 10th April.

stclair

This might help give you an indication:

http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/cheque_checker/

jonesMUFCforever

Any work processed today Saturday will be classified as Tuesday work.
So a cheque should be available to withdraw against on Saturday when a branch is open or Monday 8th April.
Your debit card should work on the Saturday.

bounce08

My cheque is shown as credited today (it's showing on my account, but not as available funds). I am going to assume this is 'T'.

The first working day will be Tuesday. Wednesday will be T+2. I'm guessing this means T+4 will be Friday. Saturday isn't considered a business working day, so I'm hoping it will be available this Friday. If not I'll have to wait until Monday/Tuesday!

I'll let you all know for future bank holidays..

YorkshireBoy

bounce08 wrote: »

My cheque is shown as credited today (it's showing on my account, but not as available funds). I am going to assume this is 'T'.

The first working day will be Tuesday. Wednesday will be T+2. I'm guessing this means T+4 will be Friday. Saturday isn't considered a business working day, so I'm hoping it will be available this Friday.

Why are you doing all of the above when you've been told what happens?

You've even been provided with a link to an official site which enables you to enter Saturday 30th March as the date you paid the cheque in. You did visit the site didn't you? And what date did it give for "withdrawal allowed" when you put your details in?

bounce08

YorkshireBoy wrote: »

Why are you doing all of the above when you've been told what happens?

You've even been provided with a link to an official site which enables you to enter Saturday 30th March as the date you paid the cheque in. You did visit the site didn't you? And what date did it give for "withdrawal allowed" when you put your details in?

Because I'm stupid. What a waste of a post that was YorkshireBoy, I'm clearly stupid, why are you posting all of the above when it's clear that I'm stupid?

And because at least one user in this post aside from me wasn't sure. The Natwest website indicates that Friday is when withdrawels are allowed.

Either way, I've confirmed with my bank, it'll be Monday week at the latest, possibly Saturday.