Cheques and available balance

retiredin2011

I have a BoS Vantage account.


I have to pay for something by cheque, they will get the cheque on Monday.


Depending on when they pay that cheque into their bank and when it ends up in my account, I could or could not have the money in my bank account.


Up to Friday, no money, next Monday when my pension is paid in, money.


If I have to put money into my account to cover the cheque I will have to take it from my ISA.


Worse case scenario the cheque ends up in my account on Monday/Tuesday if when they get the cheque they go straight to their bank and pay it in and it happens to be a BOS account at my branch, I don't know this.


The question.


If I keep checking my account online and if it is presented before next Monday, if I immediately transfer the required amount to my account, will I incur any charges?


I don't want to ask the person to delay paying in the cheque as I don't want them to know how tight my finances are.


Also as they say, the cheque is in the post.




This is a one off as I had an unexpected bill to pay and if the cheque isn't presented to the bank before next Monday there is no problem


I just don't want to take the money from my ISA if I don't have to.


My ISA is also with BoS so instant transfer to my Vantage account.

JuicyJesus

To be fully certain that the cheque will not be returned and a charge deducted, you need to have the funds in the account the day before the cheque was presented. Personally, I wouldn't risk it for the sake of a few pence interest.

marlewuk

although not guaranteed, if you can get cleared funds into the account well before 3:30pm then there is a good chance the cheque will be honoured