My teenager wants a better account....

Gromitt

I think he means you can WITHDRAW against the cheque on the same day, but it still takes days for the cheque to actually reach FATE status, so the cheque could still bounce, possibly causing you to go overdrawn should you withdraw against it.

BonkersBonkers

Gromitt wrote: »

I think he means you can WITHDRAW against the cheque on the same day, but it still takes days for the cheque to actually reach FATE status, so the cheque could still bounce, possibly causing you to go overdrawn should you withdraw against it.

No I don't!
Once a Lloyds cheque has been processed over a Lloyds counter the cheque is paid unless ther are no funds or a signature to match if prompted.
Normally this is a personal to personal cheque although as I have said this COULD also apply to business cheques under a grand.
If there is insufficient funds and/or no signature to match on the counter system then it gets sent into the clearing system.

BonkersBonkers

Archi_Bald wrote: »

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

I am not confused.

BonkersBonkers

kirkbyinfurnesslad wrote: »

Please quote your source for This info about Lloyds business cheques

I ask at the counter when paying in cheques when they will clear - they tell me if they clear immediately (normally personal cheques) but I have had a cheque from Head office which had to go through clearing system and from a local business which cleared immediately.

BonkersBonkers

Any Lloyds staff on here who can confirm what I have said is correct?

Hominu

BonkersBonkers wrote: »

Any Lloyds staff on here who can confirm what I have said is correct?

I don't, but what you say doesn't match with what the website says.

It states you basically get the cash the same day, but from how it reads, thats all that happens. It seems they can still take the money back out of your account until T+6. It also only mentions cheques coming from personal accounts, not business accounts.

innovate

Hominu wrote: »

It states you basically get the cash the same day, but from how it reads, thats all that happens. It seems they can still take the money back out of your account until T+6.

This is what other banks do, too. The clearing cycle is not affected in any way by banks allowing withdrawal after a day or two.