Are cheques clearing faster now?

apesxx

I paid my daughters fees for a club she attends and also a cheque for a trip on Tuesday night, meaning that earliest it could have been payed in is wed morning and both cheques cleared from my account yesterday. Luckily my wage went in first. I payed by cheque knowing I got payed Friday but didn't expect the cheques to go out that fast.
Is this a new thing? I always thought that it was at least 3 full working days? I'm with nationwide

Gromitt

It's not a new thing, they can debit your account within a few days, but still take the usual 2-4-6 to fully clear.

I'd advise never to write a cheque knowing you have insufficient funds, it could mean bad things happen.

LittleVoice

apesxx wrote: »

I paid my daughters fees for a club she attends and also a cheque for a trip on Tuesday night, meaning that earliest it could have been payed in is wed morning and both cheques cleared from my account yesterday. Luckily my wage went in first. I payed by cheque knowing I got payed Friday but didn't expect the cheques to go out that fast.
Is this a new thing? I always thought that it was at least 3 full working days? I'm with nationwide

I think your thought was wrong. I think you will find it is that cheques are recorded on the writer's account on the third day (including day of deposit). If the receiving account is with the same branch it can be on the same day.

apesxx

Thanks, I didn't realise that x I've never had cheques go out so fast before. Best make sure that I don't write any in future until the funds are in my account. Thanks

jonesMUFCforever

I agree - the receiver account must also have been with Nationwide.

mysk_girl

I have a Lloyds account, and if the receiver is Lloyds as well it goes immediately. My record is writing a school dinner money cheque, handing it in at 8.40am and having it clear my account before 11am the same day.