Cheque clearing Natwest in 2 days

wagboteddy

I put a cheque in my natwest current joint account and was told it would clear 4days plus transaction day (I put it in on Tuesday and it should clear on next Tuesday sur to bank holiday on Monday ) yet I looked today and the money is in my account and let me withdraw it all. The cheque was a tax refund from inland revenue.
How come the cheque cleared so quick ? Just want to know for future purposes thanks

lolavix

The funds will be available but cheques can still bounce afterwards, up to transaction day + 6

guesswho2000

I find the same thing. NatWest allow you to draw on the cheque sooner than it actually clears. If it bounces, they'll take the money back.

I assume if they deem your credit rating below par, they won't let you do this.

MrSilk

I remember when I put in a cheque last time, it cleared in two days. Was actually pretty surprised, as it was from HMRC thought maybe is was guaranteeing cleared payment,

agrinnall

This explains all.

http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/cheque_clearing_timescales_2-4-6/

jonesMUFCforever

Are you sure it is cleared or have they let you withdraw against uncleared funds?
If it is the latter expect bank charges in about 6 weeks or so.