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Cheque to be paid in but how long before we can spend that money?

luminated
luminated Posts: 1,168 Forumite
in Budgeting & bank accounts
We are due to get a cheque (around £2,000) from Prudential Insurance Company in our hands today & so will getting it in into the bank immediately.

But how long before we can start spending some of the money a few hundreds say?

Comments

  • dzug1
    dzug1 Posts: 13,535 Forumite
    10,000 Posts Combo Breaker
    The fourth working day after paying it in I believe with most banks. Non clearing banks have a longer cycle
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    When it appears on your online statement (which may be 2 days) you should be able to use that much of your authorised overdraft, if you've got one, without being charged for it.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • luminated
    luminated Posts: 1,168 Forumite
    Thanks for the fast replies I am grateful.
  • marlewuk
    marlewuk Posts: 77 Forumite
    pqrdef wrote: »
    When it appears on your online statement (which may be 2 days) you should be able to use that much of your authorised overdraft, if you've got one, without being charged for it.

    this reply isnt very clear. As soon as you pay the cheque in, it will show on your account balance but it wont be available for you to draw on. it will show on your available balance 4 working days from the day it was paid in - but you need to be mindful that the cheque can still be returned unpaid - its only after the 6th working that a cheque is fully cleared.
  • luminated
    luminated Posts: 1,168 Forumite
    Cheque was paid in yesterday afternoon at 2.00 p.m. & showed very soon on my IPhone mobile banking app but not at that point available. I will keep checking (nothing better to do :rotfl: ) & update thread on when it shows available.
  • stclair
    stclair Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    The cheque can be returned unpaid up until day six.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • luminated
    luminated Posts: 1,168 Forumite
    luminated wrote: »
    Cheque was paid in yesterday afternoon at 2.00 p.m. & showed very soon on my IPhone mobile banking app but not at that point available. I will keep checking (nothing better to do :rotfl: ) & update thread on when it shows available.

    This morning showing as available.
This discussion has been closed.
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