Cheques paid into Nationwide.

xbailsx

I've been told that when you pay cheques into some bank accounts, you can pay extra to have it clear sooner. I have never heard of this!! Has any one heard of this, if so can it be done at Nationwide.

Buzby

I do not believe so, as Nationwide is not a clearing bank.

The service you are looking for is a Special Presentation of the cheque where the process is expedited. Ask them, they may have a similar arrangement.

Caladan

I would warn you though that special presentation doesn't necessarily mean the money will clear faster - Special Presentation involves sending the cheque though Royal Mail instead of the clearing system.

The benefit is that special presentation cheques are guaranteed paid when they clear (generally speaking) instead of having to wait for the full clearing cycle to finish. The downside is just because it's gone special presentation, there's no guarantee you'll get the money faster and it usually costs a fee.

Hope it helps,
Cal

JuicyJesus

Special presentation does NOT expedite the clearing of a cheque. It may even delay it.

What special presentation does is give you an answer as to whether the cheque will be paid earlier. This is useful if, for example, you are accepting the cheque in return for goods and want to know if the cheque will be paid before they are released, in which case special presentation will give you an answer in a couple of days or so, rather than the six working days you'd have to wait for a cheque to not be returned before it can be considered definitely paid.

What it definitely does NOT do is allow you to draw on the cheque sooner. The cheque is remitted from the branch it's paid in at to the bank the cheque is drawn on by first class post, rather than sent directly to your bank's clearings centre, so that delays it getting into the clearing system for a start, and could mean it gets lost in the post or otherwise delayed further (say, if there's a postal strike). Once the cheque does hit your account, you'll most likely still have to wait the up-to-4 working days that it takes for you to be allowed to draw against it, even if it's confirmed the cheque will definitely be paid.

So, to summarise: special presentation does not clear cheques quicker. What it does is provide surety of fate.

xbailsx

Ah Thank you

alanq

Buzby wrote: »

I do not believe so, as Nationwide is not a clearing bank.

Granted that it is a building society not a bank but it is a "Cheque and Credit Clearing System Member"

http://www.chequeandcredit.co.uk/about_us_and_our_members/our_members/

JuicyJesus

alanq wrote: »

Granted that it is a building society not a bank but it is a "Cheque and Credit Clearing System Member"

http://www.chequeandcredit.co.uk/about_us_and_our_members/our_members/

Nationwide have been a clearing bank for yonks now. They're the only building society to clear their own cheques.

And regardless, doing a special presentation does not require you to be a clearing bank.