My teenager wants a better account....

JuicyJesus

UserX wrote: »

Thanks Archi Bald

Well I think we're all now wasting our time because 17 year old has it on very good authority apparently that paying cheques in via the Post Office will "mean it takes 4 more days to clear"

He is right, actually - well, it'll take him more time to get the money.

Archi_Bald

JuicyJesus wrote: »

He is right, actually - well, it'll take him more time to get the money.

It would depend on the bank, surely? For any bank that treats the PO as a Branch, surely the 2-4-6 applies just as if you deposited the cheque in a proper Branch?

DCFC79

Lol the life of a teenager wanting to change accounts on the basis they have heard that cheques will clear in less time at the PO.

1jim

Archi_Bald wrote: »

It would depend on the bank, surely? For any bank that treats the PO as a Branch, surely the 2-4-6 applies just as if you deposited the cheque in a proper Branch?

Which banks treat the post office as a branch?

I've only paid in cheques to smile using the post office before but they went in a special paying in envelope that was then forwarded to the bank presumably to be paid in, this did add a few days to the time it took for clearing, have seen similar envelopes of other banks hanging up in the post office behind the counter

System

The PO branch sends the cheque away in a special envelope and doesn't initiate clearing itself in all instances.

Archi_Bald wrote: »

surely the 2-4-6 applies just as if you deposited the cheque in a proper Branch?

• The only way to bypass clearing is to deposit a cheque at the bank and branch of the drawer (which may or may not be practical)

• As regards the app, Halifax have a basic android app just now but have been told (when I login) that this is being upgraded shortly.

BonkersBonkers

pmduk wrote: »

I don't believe that occurs any more.

A Lloyds business cheque under £1000 might clear on the day it is paid into a Lloyds personal account (provided there are funds etc).It stands to reason that Halifax using the same back office system cheque would clear the same way.

Archi_Bald

BonkersBonkers wrote: »

A Lloyds business cheque under £1000 will clear on the day it is paid into a Lloyds personal account

No way will any Lloyds cheque clear within one business day.

You might be able to see the cheque in your transactions within a day, or even within the hour, that it quite normal. But clearing is still subject to the 2-4-6 rules. http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/cheque_clearing_timescales_(2-4-6)/

http://www.lloydsbank.com/legal/current-accounts/cheque-clearing.asp

BonkersBonkers

They operate a live system whereby cheques are cleared instantly in house (subject to limits).
Why would a Lloyds cheque not clear immediately if you paid into a Lloyds account?

kirkbyinfurnesslad_2

BonkersBonkers wrote: »

They operate a live system whereby cheques are cleared instantly in house (subject to limits).
Why would a Lloyds cheque not clear immediately if you paid into a Lloyds account?

Please quote your source for This info about Lloyds business cheques

Archi_Bald

BonkersBonkers wrote: »

Why would a Lloyds cheque not clear immediately if you paid into a Lloyds account?

Because they still have to do all the checks that are being done for all cheques. Just because it looks like a Lloyds cheque doesn't mean it actually is one. Nor is it guaranteed that every Lloyds cheque has been signed by an authorised signatory.

The way these checks are done is just the same as for any cheque. I think you might perhaps be confused between when you are allowed to withdraw money and when the cheque actually clears.

http://www.lloydsbank.com/legal/current-accounts/cheque-clearing.asp