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Cheques and 3 day clearing malarkey
marvellousaunt
Posts: 566 Forumite
Hi, so I don't understand how banks work really. I am with HSBC, I paid in two cheques yesterday before 3pm and they are showing as credit today on my account (I have internet banking). Yet when I spoke to the HSBC person yesterday she said that if I don't have the funds to cover my spend, I will be charged 'debit interest' until these cheques clear on Friday.
Whats the deal? Can I spend this money that is supposedly in my account right now, or not?
Whats the deal? Can I spend this money that is supposedly in my account right now, or not?
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Comments
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Meh. If you do a transfer on the internet, is that instant or not?
Oh well, just got to make £9 last until Friday... :S0 -
No you can not spend the balance that is showing on your account. Cheques paid in on Tuesday have until Thursday to be returned by the issuing bank. Therefore your bank can not be certain that they will be paid until Friday.
TBH it is all a big scam. I used to pay my mortgage on a Saturday at a Abbey branch, and the cheque cleared my account on the Tuesday. Apparently Saturday is now a banking day!?!? But only if it is in the Abbey's interest!!Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
Internet transfers depend on your bank. If it is between accounts at the same branch, it may well be immediate. But it still could be next day at best or even the full three day period.
HTHDon't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
Most treat Saturday and Sunday as Monday, wonder how they make it a Friday.
My feelings exactly. Never could understand it. Ironic when (Sh)Abbey take up to ten days to clear a cheque in to a savings account.
Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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