Nationwide, cheques & clearance times?

Nine_Lives

I wrote a cheque last week. It was picked up on the Tuesday by the person i was writing it to. I imagine cashed at the earliest on Wednesday.

I've gone into my online banking & noticed a transaction for the cheque on the Friday (i thought they took 5 days to clear though?) & then a "correction" entry putting the money back in.

Is this a 'bounced cheque'? Not sure why as the funds were there.

If so, then does this go down as a black mark on my credit file or do these types of entries not get recorded?

Finally, do they try again for the money, or is that cheque cancelled & another will need to be written?

apesxx

If it says correction and the money has gone back in then yes the cheque has bounced and you will be charged £15 as well on your next statement. I'm not 100% sure but I think the person can re submit the cheque once they get it sent back to them which can take a week or so I think. Or you could ask them to destroy it and give them another x

JuicyJesus

Nine_Lives wrote: »

If so, then does this go down as a black mark on my credit file or do these types of entries not get recorded?

It might well get recorded in the same manner as a missed payment would (for current accounts missed payment = bounced item).

Nine_Lives

Gutted!

Not sure why this hasn't worked out though as the funds were there. The recipient has had a letter saying bounced through today as well as the cheque returned.

I'll transfer it to my TSB account & write a cheque out from them instead to see if that goes any better.

dalesrider

Why not just send the payment via faster payments if the funds are avaiable.

A cheque being bounced when you had funds avaiable????? Something is not right there.....

Nine_Lives

dalesrider wrote: »

Why not just send the payment via faster payments if the funds are avaiable.

Because they're old fashioned & "will not have my bank details online", no matter how much you try & explain to them

A cheque being bounced when you had funds avaiable????? Something is not right there.....

I know

System

I've only ever heard of |HSBC doing that - not other providers

JuicyJesus wrote: »

It might well get recorded in the same manner as a missed payment would (for current accounts missed payment = bounced item).

anna42hmr

Nine_Lives wrote: »

I wrote a cheque last week. It was picked up on the Tuesday by the person i was writing it to. I imagine cashed at the earliest on Wednesday.

I've gone into my online banking & noticed a transaction for the cheque on the Friday (i thought they took 5 days to clear though?) & then a "correction" entry putting the money back in.

Is this a 'bounced cheque'? Not sure why as the funds were there.

If so, then does this go down as a black mark on my credit file or do these types of entries not get recorded?

Finally, do they try again for the money, or is that cheque cancelled & another will need to be written?

were the funds cleared in your current account though?

for instance could you have had other payments due out that created earmarked funds (i.e debit card payments, that had been requested but not debited the account as yet) or were any of the payments into your account via cheque and in clearing?

for instance why your account may have x balance showing how much was it "available" as earmarked funds and uncleared items are taken into account by banks when cheques are claimed.

i would also be careful about writing a second cheque incase the beneficiary tries to cash both of them, if there is cleared funds in the nationwide account then if the cheque has been returned as "returned please represent" then the beneficiary can re-present the cheque (if nationwide however have advised returned refer to drawer then you may need to do a new cheque.

Nine_Lives

Hmm, you make a good point.

As for cashing both - this person is a good family friend & can be trusted not to do that. In fact they're returning the cheque to me & they'll be receiving a new cheque.

JuicyJesus

Other option is that the signature didn't match or Nationwide were not happy with the cheque for some other reason, like the words and figures not matching or something. But I'd be surprised if they didn't try and contact you if this was the case.