Cheque clearance with bank holidays..

Hominu

YorkshireBoy wrote: »

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.

I believe that T is included, unless you present the cheque after 4:30pm, in which case it will be the day after.

So T will be Tuesday.
T+1 will be Wednesday.
T+2 will be Thursday.
T+3 will be Friday.
T+4 will be Monday.
T+5 will be Tuesday.
T+6 will be Wednesday.

So you'll be able to use the funds either Friday night, Saturday morning or Monday morning.

jonesMUFCforever

bounce08 wrote: »

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.

Which was what I said.:D

jonesMUFCforever

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. If not I'll have to wait until Monday/Tuesday!

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

Where your argument falls down is that on Saturdays banks do not have overnight bag collections so the cheque will still be at the branch you paid it in until Tuesday - then you can start T+1 etc.

bounce08

If anyone was interested re bank holidays and funds available..funds were available for withdrawel from the cheque today (4th). Pretty suprised at this considering the bank holiday weekend in which it was paid in on. Certainty of fate isn't until Monday. For info, my timescales were..

Saturday 30th March: Cheque paid in to branch (11am) and shown in my current account balance (not available to withdraw)

Monday 1st April: I phoned my bank to enquire as to timescales as to when I could withdraw upon the balance. I was told THURSDAY. I was quite suprised at this (considering the T+2/4/6 rule), but the staff member said the bank computer system said it would be available Thursday 4th and Certainty of Fate would be Monday 8th.

Tuesday 2nd April: Balance shown as 'CREDIT' on my account (previously it just had 6 zeros). Not available to withdraw.

Thursday 4th April: Balance shown as available funds and available to withdraw on.


This seems to go against everything I've heard, but from speaking to my bank, the T+2/4/6 are just 'maximum' timescales and it can be sooner.

It's particularly strange as the weekends and bank holidays are not considered 'business working days'. "T" should have been Tuesday, and +2 should have been today. I shouldn't have been able to withdraw upon the funds until Monday.

For information, my bank is the Co-Operative. Very quick!

stclair

I think every bank has it own clearing policy in all fairness.

I've paid a cheque into lloyds TSB before now and the funds was available to me the next working day.

The 2 4 6 and 2 6 6 polices are just industry guidelines.

Just bare in mind that the cheque can still be returned unpaid at this point.